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NEWS 26 April 2019

Novomatic reports loss for fiscal year despite 10% revenue growth

By Tim Poole

Novomatic has reported a 10% year-on-year rise in revenue for its 2018 fiscal year, to €2.6bn ($2.9bn).

The global supplier reported positive growth in all its core markets, emphasising particular success in Italy and Spain.

However, EBITDA fell 1% to €555.6m, while Novomatic reported a loss of €154.9m overall, having made a profit of €61.4m for the 2017 fiscal year.

The company attributes the loss to "one-off accounting effects as a result of write-downs exceeding operating profit and leading to negative earnings."

In a foreword by the executive board, Novomatic said: "The focus is currently on consolidating the rapid growth of the past few years, which was driven by the purchase of various companies.

"It is very gratifying to note that the company’s importance and reliability is frequently the subject of external recognition. For example, for the second consecutive time, Novomatic received the prestigious Global Gaming Award in the category of Casino Supplier of the Year."

The firm has also stated its intention to become more involved with sports betting and gaming in the US.

RELATED TAGS: Casino | Financial | Sports Betting
IN-DEPTH 15 November 2019
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