Poydras cites growth strategy as key financial rise in Q2

Poydras Gaming Finance has highlighted its ongoing growth strategy as one of the key reasons behind year-on-year financial growth in the second quarter.

For the three months to June 30, Poydras recorded revenue of $4.3m (€3.6m), which is up 25% on the $3.4m posted in the corresponding period last year, while leasing revenue also climbed 33% to €3.6m.

Adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) climbed by 18% to $2.3m, although net loss also increase from $946,100 to $1.4m.

Poydras also reported an average of 2,583 gaming machines in operation during the second quarter, compared to 2,435 last year.

Peter Macy, chief executive of Poydras, said: “Our growth in revenue and adjusted EBITDA in the second quarter of 2017 reflects our continued success at executing our growth strategy.

“This strategy includes both increasing machines in place with our existing customers and placing machines with new customers; in addition we are seeing favourable results from our active program of upgrades and conversions.”

Meanwhile, Poydras has also confirmed the appointment of David Danziger as its new chairman.

Danziger, who is also a director of Jackpot Joy, first joined the Poydras board as an independent director back in June 2015 and will move into his new role with immediate effect.

Macy, who had been serving as chairman, will remain on the board as a director.

“David has played an active and invaluable role on our board since joining us in 2015 sharing his wealth of experience in the global capital markets and gaming sectors,” Macy said.

“Our company has reached a stage in its growth where as a board we felt it was appropriate to separate the chairman and chief executive functions and we are delighted that David has agreed to serve as our new chairman.”

Related article: Poydras reveals revenue growth in preliminary posting