Thursday May 14,2015 : INTERTAIN QUARTERLY HIT BY ACQUISITION COSTS
But future looks bright, chief executive says.
Canadian online gaming firm Intertain Group reported on its first quarter 2015 results saying while the acquisition of the Jackpotjoy Group had negatively affected results in the short term, the company was excited about long term prospects.
The company delivered an impressive increase in Revenue amounting to C$ 32.8 million compared to C$ 3.1 million during the comparative quarter in 2014.
Other key performance indicators for the first quarter period ending March 31, 2015 include net income (loss) of C$ – 26.1 million (Q1/2014: C$ – 2.5 million) and EBITDA (loss) of C$ -15.3 million (Q1/2014: C$ -1.2 million).
The freshly acquired Jackpotjoy Business comprising Starspins, Botemania and Jackpotjoy brands generated GBP 35.7 million gross win and GBP 13.9 million of EBIT during the period.
“It's been an exciting quarter for Intertain, and our results include a full cycle from our Vera&John acquisition which closed December 23, 2014,” commented John Kennedy FitzGerald, president and chief executive officer of Intertain.
“During Q1 we worked tirelessly to close the Jackpotjoy acquisition and feel that we are now in a position, with our assets, to begin executing our global growth strategy, specifically focusing on the female demographic and on regulated markets.”