Innova boosted by Diamond Game acquisition in first half

Richard Weil, chairman and chief executive officer of Innova Gaming, has cited the games and systems provider’s acquisition of Diamond Game as a key driver behind year-on-year profit and revenue growth during the six months through to June 30.

Revenue in the first half amounted to $10.1 million (€9.1 million), up from $9.6 million in the corresponding period last year.

Gross profit was up from $8 million to $9.3 million, although Innova did note a drop in net earnings, which fell from a positive figure of $7.9 million last year to a loss of $1.3 million in the opening six months of 2015.

Elsewhere, total assets were up from $20.4 million to $34.2 million, thanks in part to the acquisition of Diamond Game in May.

First-half results were boosted by a positive performance in the three months to June 30, with revenue for the second quarter up from $4.8 million last year to $5.5 million this year.

Gross profit from the quarter was up to $4.8 million, although net earnings were down from a plus of $8.6 million to a loss of $1.3 million.

“During our first 100 days as a public company, we have significantly increased our business development efforts, added key management team members to spur innovation and growth and enlarged the LT-3 installed base,” Weil said.

“Since Innova’s acquisition of Diamond Game, I have visited most of our key LT-3 customers and the feedback has reinforced my view that Innova is on track to deliver the growth we promised shareholders at the time of our initial public offering.

“We are currently engaged in late-stage discussions with a number of parties and expect to continue to deploy additional machines through to the end of the year.

“We are in a good position to meet or exceed the high end of our target deployment range of 25 to 30 units per month on average in 2015.”

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