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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