International Game Technology Plc (IGT) governance has presented separate results for GTECH SPA and IGT (legacy) divisions, due to the completion of its merger on 7 April. On Tuesday IGT Plc, released Q1 2015 trading update for GTECH operations
GTECH reported key metric growth in revenues of 3% to €807 million (Q1 2014: €780 million), which had been supported by favourable currency exchange rates and higher service revenues. EBITDA earnings would remain level with Q1 2014 of €295 million.
Company operating income and net earnings would be impacted by the high acquisition costs incurred by the acquisition of IGT (legacy). Q1 2015 operating income was reported at €149 million compared to Q1 2014: €180 million.
GTECH would post a net income of -€27 million for its Q1 2015 opening performance The technology provider detailed increased interest expenses of €81 million during the period (Q1 2014: €41 million)
Company governance stated that it was pleased with the company’s progress during a period of transition were GTECH saw improved performance in its Americas division which grew revenues 23% to €300 million.
Marco Sala, CEO of IGT commented on GTECH performance,
“We had a solid first quarter for GTECH operations, continuing to run the underlying business efficiently and profitably, at the same time as we were completing a transformative merger. We were ready to launch the integration from day one, focusing on revitalizing our R&D capabilities. Exciting content delivered across the whole range of platforms is the key to consolidating our leadership of the global gaming industry.”