Currency strains impact Intertain Q3 2016 performance

Andrew McIver
Andrew McIver

Impacted negatively by the depreciation of pound sterling against the Canadian dollar, Toronto TSX-listed Intertain Group (Intertain) has recorded a 7% drop in corporate revenues to CAD $113 million for its Q3 2016 performance (period ending 30 September).

The operator who is preparing to float on the London Stock Exchange under its core brand ‘Jackpotjoy Plc’ would close its Q3 2016 reporting an adjusted EBITDA of CAD $43.8 million.

It’s Severe currency impacts would see the operator declare a corporate net loss for Q3 2016 of CAD $31.8 million.

Updating investors Intertain governance, detailed that corporate leadership continues to focus on its ‘UK-centered strategic initiatives’, which will see the operator headquartered in the UK.

Despite its currency woes, Intertain governance detailed that the firm remained confident in its guidance, which outlined an adjusted net income of circa CAD $140-160 million.

Andrew McIver, President & CEO of Intertain commented on corporate performance

“We remain very focused on our efforts to implement the UK-centered strategic initiatives and are working hard together with our advisers to complete the listing of Jackpotjoy plc’s ordinary shares on the London Stock Exchange. Discussions with the UK Listing Authority in this regard are continuing and we will update shareholders as soon as possible on our progress.”

“Higher revenue is driven by a stronger performance in all segments in their functional currencies, contributing to an increase in gaming revenue of 10% on a constant currency basis. Our Q3 financial results point to the continued solid performance of our assets.”

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