Accel Entertainment has reported a 13% revenue increase for Q2, with CEO Andy Rubenstein reiterating his confidence in the company’s “locally focused business model.”
In total, Accel generated $227.9m in second quarter revenue, up on a sequential and year-over-basis. Compared to Q1, the company’s revenue has risen by $30m, and by over $25m when compared to the comparative period last year.
From this, Accel produced a net income of $22.5m, an increase of 81% from the $12.4m recorded last year, and 42% when compared to Q1’s net income.
Adjusted EBITDA, however, was down slightly on a year-over-year basis. This dropped from $43m to $42.7m, a 0.6% decrease.
“We are pleased with our performance this quarter and are focused on executing our growth strategy,” commented Rubenstein.
“We remain confident that our locally focused business model creates a platform to outperform in difficult times and thrive under normal circumstances.
“We aim to leverage our proven business model and extremely strong financial position to continue our expansion and return capital to shareholders.”
For H1, meanwhile, Accel’s second quarter revenue means it has produced $424.8m, up 22%. The company’s half-year adjusted EBITDA has also increased, climbing from $68.8m to $78m, while net income has risen from $13.9m to $38.3m, a 174% bump.
Q2 also saw Accel complete its $164.2m acquisition of Century Gaming. With this in mind, Accel issued pro forma full year estimates, including updated revenue guidance of between $1.07bn and $1.13bn. It also expects to end 2022 with an estimated 3,550 to 3,600 locations and 22,700 to 23,200 gaming terminals.