GTECH ‘on track’ after third-quarter growth

Alberto Fornaro, chief financial officer of GTECH, has said that the interactive gaming software and services provider is “well on track” to achieve its full-year targets after posting widespread year-on-year growth during the three months through to September 30.

While revenue remained relatively flat at €727.8 million ($906.5 million) in the third quarter, earnings before interest, tax, depreciation and amortisation (EBITDA) jumped by 15.2% from €219 million to €252.2 million.

Elsewhere, operating income rocketed by 30.2% from €102.3 million in Q3 of 2013 to €133.2 million in the latest quarter.

In addition, net income attributable to owners jumped by 25.4% to €40.3 million while diluted earnings per share increased by 27.8% to €0.23.

The successful quarterly results place GTECH’s revenue for the first nine months of the year at €2.26 billion, 1.3% lower than the €2.29 billion recorded at the same point last year.

EBITDA in the first three quarters in up by 3.2% to €817.4 million while operating income has also increased by 3.2% to €470.1 million.

Net income attributable to owners during the first nine months of the year grew by 1.1% to €176.1 million.

“We are well on track to deliver our 2014 synergy target of €40 million,” Fornaro said.

“With continued significant generation of operating cash flow, we anticipate that, excluding costs related to the IGT acquisition, we should comfortably meet our year-end net financial position guidance of €2.47 to €2.53 billion.”

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