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NEWS 1 August 2019

Q2 revenue up as IGT posts considerable improvement on Q1

By Tim Poole

IGT has reported consolidated revenue of $1.23bn for Q2, a 5% year-on-year rise.

The supplier’s trading update provided a significant improvement on its Q1 showing, when revenue fell 5% year-on-year to $1.14bn and operating income and adjusted EBITDA also dropped.

For Q2, operating income rose 10% to $224m, while adjusted operating income grew 6% to $274m.

Adjusted EBITDA was up 5%, to $454m, thanks to higher profits in North America and Italy.

IGT CEO Marco Sala said: "We had a strong second quarter, with top-line growth driven by a sharp increase in gaming product sales and impressive gains in global lottery same-store revenues.

"Profits were up nicely in our North America Gaming and Italy segments. I am pleased with the broad-based improvement in key performance indicators for our main businesses."

Alberto Fornaro, IGT CFO, said: "EBITDA in the quarter was the highest we achieved in three years and translated into substantial free cash flow for the first half.

"Recent capital markets activity strengthens our financial structure, enhances flexibility and positions us well for the coming years."

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