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Amaya posts positive Q1 results amid surge in customer activity

Amay

Amaya
a has reported an 18.5% increase in quarterly profit due to a surge in new customers, increasing by 3 million to 111 million during the quarter.

Furthermore, the number of Amaya’s active customers rose 5% to approximately 2.7 million in the first quarter.

The company’s net income rose to $65.8m in the first quarter ended March 31, from $55.5m the year-prior.

The owner of online gambling sites PokerStars and Full Tilt, reported a revenue increase of 10% to $317.3m whilst analysts had only expected the sum to reach $316.7m.

Amaya Chief Executive Officer, Rafi Ashkenazi comments: “We continued our momentum in the first quarter as we execute on our strategy and reinforce the foundation for sustainable and diversified revenue growth, including through the strengthening of our core management team and operations.

“Our company also continues to evolve through corporate initiatives to deliver the greatest value for our shareholders.”

Back in March, Amaya reported “material weaknesses” in its internal controls over financial reporting as of December 31.

In an update for investors, the company said it was addressing these deficiencies and that the adequate corrections would be complete by the end of the current quarter.

Furthermore, Amaya has stated that the company has proposed changing its corporate name to “The Stars Group Inc.”. The company posted little information on the proposed name change other than the fact that it will stage a vote on the measure at its upcoming Annual General Meeting.
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