Completing its first full-year on the New York stock exchange under the enlarged IGT Group Plc enterprise (combination of IGT, GTECH and Lottomatica). IGT governance states that the company has accomplished several ‘important milestones’, beating analyst 2016 expectations.
Presenting its full-year 2016 results, IGT governance points to the firms strengthened performance in its core markets of US and Italy as IGT recorded group revenues of $5.1 billion, up 10% on corresponding FY 2015’s $4.6 billion.
The gambling technology provider’s improved corporate revenues would translate to topline metric gains with IGT reporting a 2016 group adjusted EBITDA of $1.7 billion with a group operating income to $660 million (FY 2015: $540 million).
Detailing 2016 corporate highlights, IGT governance noted that revenues had been driven by the strengthened performance of its Italian Lottomatica division, which contributed circa $2 billion to group revenues.
Lottomatica performance would be supported by strong commercial momentum in its US gaming division which would contribute a marked revenue improvement of + $1 billion.
IGT governance notes that it has begun 2017 strongly strengthening its commercial pipeline by securing new lottery client wins in Canada, Switzerland and Colombia. The company has been further boosted by its systems partnership extension with Czech Rep gambling group Synot Group.
Marco Sala CEO of IGT Group commented on FY 2016 performance .
“We reinforced our number one position in Lottery globally, achieving robust same-store revenue growth and securing valuable, multi-year contracts. We also made good progress with our Gaming turnaround, developing compelling new titles and hardware, in addition to expanding our International presence. We operate in growing global market segments and IGT has a long history of investing in innovation to create shareholder value.”