GTECH claims ‘very good’ first quarter despite losses

Interactive gaming software and services provider GTECH has said that despite having suffered year-on-year losses during the three months to March 31, 2014, it still experienced a ‘very good’ first quarter.

The company reported revenue of €781.3 million ($1.1 billion) in the quarter, a drop of 2% on the €797.5 million achieved in the corresponding period last year.

GTECH put the slight drop in revenue down to lower year-on-year video lottery terminal sales in Canada and fluctuations in currency exchange. On constant currency basis, revenue for the first quarter of 2014 was €796 million.

Earnings before interest, tax, depreciation and amortisation also fell 1.3% from €300 million in Q1 of 2013 to €296 million in the most recent quarter.

GTECH also posted operating income of €180.8 million in the period, down 5.6% from €191.5 million in the corresponding quarter last year. 

However, net income attributable to owners increased slightly to €75 million while diluted earnings per share remained at €0.43.

Marco Sala, chief executive officer of GTECH, said: “GTECH enjoyed a very good first quarter. We delivered results that were comparable to the similar quarter last year, which historically was the Company’s highest on record.

“Driven by healthy growth in the Americas and stable results in international and Italy, our first-quarter performance gives us confidence in our ability to meet our full-year guidance.”

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