GTECH Q1 revenues drop 2% YoY
Total revenues fall to 781.3m as international and Italian revenues decline 11.9% and 1.6% respectively
GTECH has recorded a 2% year-on-year fall in Q1 revenues following a double-digit decline from its international business and a 1.6% fall in its core Italian market.
Group revenues for the three months ended 31 March reached 781.3m, down from 797.5m compared to the same year last year, while EBITDA also declined 1.3% year-on-year to 296m.
GTECH’s Americas operation recorded a 0.6% year-on-year growth in revenue but failed to offset an 11.9% year-on-year from its international segment with service and product sales falling 9% and 30.1% respectively.
Italian revenues declined 1.6% year-on-year to 461m despite strong 9% year-on-year growth from its sports betting products.
The supplier won a 10-year contract from the National Lottery of Belgium (NLB) this week to provide an online gaming system, terminals and related services, a deal which could provide 125m of additional revenue.
GTECH chief executive Marco Sala said he is optimistic about the company’s prospects for 2014. “We delivered results that were comparable to the similar quarter last year, which historically was the company’s highest on record,” he said.
“Driven by healthy growth in the Americas and stable results in International and Italy, our first-quarter performance gives us confidence in our ability to meet our full-year guidance,” Sala added.
Earlier this week GTECH announced the completion of its acquisition of mobile gaming company Probability for a fee of £18m.