IGT sheds Italian weight offloading Lottomatica B2C units to Gamenet SPA

Global profile helps IGT override Italian gaming taxes

Publishing its latest Q2 2019 trading update (period ending 30 June), New York-listed gambling technology group International Game Technology Plc (IGT) reports a strong quarter driven by significant growth in ‘global gaming product sales’.

IGT records group ‘consolidated revenues’ of $1.23 billion up 3% on corresponding Q2 2018’s $1.2 billion, as the company sustains its in-store lottery momentum, offsetting new Italian gaming machine duties.

Despite new Italian market challenges, IGT maintains Lottomatica lottery revenue growth at 4% to $190 million, supported by an 8% increase in North America Gaming & Interactive services to $274 million.

The firm’s positive revenue momentum would see IGT record a period adjusted EBITDA of $454 million (Q2 2018: $442 million).

Closing Q2 2019 trading, IGT governance declare group period ‘adjusted operating income of $274 million (Q2 2018: $264 million).

The technology group’s balance sheet details that Q2 income taxes have increased to $74 million (Q2 2018: $8.2 million).

Continue a core directive, IGT governance reduces corporate long-term debt to $7.6 billion, from $7.76 billion at December 31, 2018

Updating investors Marco Sala, CEO of IGT commented on Q2 2019 performance:

“We had a strong second quarter, with top-line growth driven by a sharp increase in gaming product sales and impressive gains in global lottery same-store revenues. Profits were up nicely in our North America Gaming and Italy segments,”

“I am pleased with the broad-based improvement in key performance indicators for our main businesses.”

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