Revenue up, net loss down for Intertain
The success of Jackpotjoy helped Intertain Group to reduce its losses and improve its total revenue and other income year-on-year in the second quarter of 2016.
Revenue and other income increased 22% to CAD$118.8m (£70.4m) and net loss was cut by 44% to CAD$27.5m.
Adjusted EBITDA ascended 34% to CAD$43.4m.
A highlight for the period was record mobile usage for Jackpotjoy, the online bingo brand Intertain took control over when it purchased Gamesys Group’s customer-facing assets last year.
Jackpotjoy’s revenue from mobile increased to 47% and its overall revenue was CAD$82.3m, up 19% on a pro forma constant currency basis.
Intertain said it plans to “pursue comprehensive UK-centred strategic initiatives.”
The quarter also saw Andrew McIver announced as Intertain’s new CEO, though that was confirmed at the end of June, so we are yet to get a financial reading on the former Sportingbet CEO’s performance.
McIver replaced John Kennedy FitzGerald as part of a change to focus on operational excellence as opposed to asset acquisition.
Neal Goulden, a former CEO of Gala Coral, was revealed to be Intertain’s new chairman at the same time.
McIver did make it clear what the future strategy will be though, when he said: “We’ve made a substantial investment in marketing in order to drive growth over future quarters. Increasing shareholder value remains my key objective.”
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