Everi hit by losses despite revenue increase in 2015
Everi has reported that despite a significant year-on-year increase in revenue during the 12 months through to December 31, 2015, the firm suffered losses across other key financials.
The casino services company’s full-year revenue amounted to $827 million (€732.6 million), up from $593.1 million in the previous year.
Revenue from Everi’s payments division increased from $585.6 million to $612.6 million, with the company’s games business experiencing a significant increase in revenue from just $7.4 million to $214.4 million.
However, despite this growth, comprehensive income at the company came in at a loss of $106.2 million, down from a positive figure of $10.9 million in 2014. The firm was also able to post an increased adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) total of $200.4 million.
Michael Rumbolz, who is serving as interim president and chief executive after the departure of predecessor Ram Chary last month, said: “Our results for the 2015 full year reflect growth in both our games and payments businesses, which on a combined pro forma basis resulted in an annual increase in revenue and adjusted EBITDA of approximately 4% and 7%, respectively.
“Our payments business is benefiting from sustained improvements in gross gaming revenue as a result of a stronger consumer environment.
“While 2016 is expected to be a year that reflects the continued transition in our business, we expect that investments initiated in 2015 will continue to improve the performance of our games and payments product portfolio.
“In addition, we expect our games segment will benefit from both an increase in our distribution capabilities as we enter new jurisdictions and from the continued strength of our Class II gaming content.
“Throughout this transition, we will remain focused on identifying efficiencies across our entire enterprise in order to ensure that our costs reflect our current operating environment.”
Related article: Everi removes Chary as CEO, appoints Rumbolz on interim basis