Intertain exceeds expectations to post widespread financial growth
Intertain Group has revealed that it was able to surpass its initial forecasts to post better-than-expected year-on-year revenue and income growth during the 12 months through to December 31, 2015.
Full-year revenue totalled Can$384.5 million (€260.1 million/US$290 million), higher than the forecast figure of between Can$365 and Can$375 million.
Adjusted net income came in at Can$111.6 million, compared to the previously stated guidance of between Can$104 and Can$109 million, with diluted adjusted net income per share also up on initial forecasts at Can$1.72.
The better-than-expected full-year figures come after a successful fourth quarter at Intertain, during which adjusted net income came in at Can$43.2 million and cash flow running at Can$42.5 million.
Intertain’s Jackpotjoy brand generated Can$90.7 million in revenue during the final quarter of the year, 20% up on the same period of the previous year, while revenue at Vera&John increased 45% to Can$22.7 million and Mandalay up 7% to Can$11.7 million.
As a result of its performance in the past year, Intertain has forecast revenue of between Can$460 and Can$500 million for the current 12-month period.
Initial guidance suggests total net income could amount to between Can$140 and Can$ 160 million, with adjusted earnings before interest, tax, depreciation and amortisation set to come in between Can$175 and Can$195 million.
John Kennedy FitzGerald, president and chief executive of Intertain, who last month announced that he was to leave the firm, said: “Business results continue to show growing value from the assets that have been acquired.
“Q4 again demonstrates the quality and performance of Intertain’s business segments, and proves that the fundamentals of our business are strong and our prospects are very encouraging.
“The results show that our business is sound, that our customer base is stable and growing, and that our market position is unchanged – we are the largest online bingo-led operator in the world.”
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