Presenting its Q1 2016 (period ending 31 March) corporate performance, IGT Plc governance stated its was pleased with its ‘solid opening performance’ as the New York-listed firm saw growth throughout its top line metrics.
Reporting group revenues of $1.28 billion up 51% on Q1 2015’s $848 million, IGT detailed growth in its core region of North America.
IGT would record a 43% increase in EBITDA to $460 million up 43% on Q1 2015’s $321 million with a period operating income of $188 million up 15% on corresponding Q1 2015’s $163 million.
Detailing performance drivers, the period would see a significant boost in group revenues generated through its North America Gaming & Interactive division which would record revenues of $339 million (Q1 2015: $30 million).
Finishing its Q1 2016 opening, IGT governance would report group cash from operations at $206 million with a capital expenditure of $98 million. The group maintains its net debt range at $7.7 billion.
Marco Sala, CEO of IGT commented on 2016 opening performance
“We begin 2016 with a solid first quarter, evidenced by good revenue growth with all operating segments contributing to an improvement in profitability,”.
“Continuing growth across all regions, especially North America and Italy, propelled our lottery revenues. Gaming revenues were resilient despite challenging market conditions in North America, our largest gaming market. We remain focused on reenergizing gaming operations and strengthening our global leadership in lotteries. We were successful in securing the Italian Lotto concession, one of our largest contracts and a cornerstone of our Italian operations.”
Alberto Fornaro, CFO of IGT
“The diversity of our product and geographic mix is a key element of our first quarter results,”.
“Revenue growth, disciplined cost management, and synergy savings all contributed to sharp profit expansion. Even after large interest payments during the period, we generated significant free cash flow, enabling us to reduce debt in constant currency and further improve our leverage profile.”