New York-listed gambling and lottery technology supplier, IGT Group closed its full-year 2015 results (period ending 31 December) reporting adjusted revenues of $5.5 billion down 4% on 2014’s (pro-forma) revenues of $5.7 billion.
Declaring its first full-year performance as IGT Group (the combined enterprise of GTECH and IGT), the company would declare adjusted EBITDA earnings of $1.8 billion, down 7% on 2014 (pro-forma) earnings of $1.89 billion.
IGT governance was pleased with the company’s top metric performance, detailing that it had been able to hit its listings guidance range of $1.6-1.75 billion in EBITDA earnings, in what it deemed had been a year of synergy-creation between GTECH and IGT assets.
Detailing operational highlights IGT governance noted that it had been able to implement $110 million in ‘achieved cash synergies’ during 2015, with $95 million accrued to its P&L performance with a further $15 million gained through capitalised savings.
The positive integration of IGT and GTECH assets would see the company increase its group synergy target from $230 million to $270 million by 2018.
Noting further highlights, IGT governance declared that core guidance metrics had been met with company hitting capital expenditure of $429 million (target range: $400-450 million) while maintaining its Net Debt below $8 billion mark (reported $7.7 billion).
IGT Group CEO Marco Sala would comment on company performance:-
“We ended a year of transformation with a strong quarter for our lottery and gaming operations, enabling us to reach the high end of our EBITDA guidance,”
“We established IGT as the global gaming leader with a commitment to being a customer-first organization and to deliver the content, technology, and expertise that drives player demand. We are confident that we have established a solid foundation from which we can continue to lead the gaming industry and grow our business.”
IGT Group 2015 FY Performance Overview