Intertain Posts Q2,2016 Report

LOSSES REDUCED AT INTERTAIN
 
Canadian online gambling group enjoys a better second quarter
 
The Canadian online gambling operator Intertain has posted an improved second quarter on a year-on-year basis, reducing losses by 44 percent to Cdn$27.5 million, boosting revenue by 22 percent to Cdn$ 118.8 million and generating an adjusted EBITDA up 34 percent to Cdn$43.4 million.
 
A positive performance by the Jackpot Joy subsidiary is credited for much of the improvement, where mobile revenues reached record levels and comprised 47 percent of Jackpot Joy revenue of Cdn$ 82.3 million, a year-on-year rise of 19 percent.
 
Changes to management in the quarter included a new CEO (Andy McIver formerly of Sportingbet) and chairman Neil Goulden (a former senior Gala Coral exec)
 
In his report to shareholders McIver noted the companys intention to focus on UK-market oriented initiatives, and revealed that a significant investment in marketing has been made in order to drive future growth.