Intertain predicts double-digit Q3 revenue growth
Operator says "strong" projected figures reaffirm its UK-centred strategy
Intertain has announced a projected 10% year-on-year rise in Q3 revenues, growth the operator said reaffirms its UK-centred strategy ahead of a proposed London listing.
Following the close of trading in Toronto yesterday, the firm said it expects gaming revenues for the period ended 30 September 2016 to reach approximately CA$113.5m (£68.4m).
Average active customers per month during the quarter reached 231,000, representing an expected 11% increase compared to the same period last year, which totalled 208,000.
“Our strong preliminary financial results speak to the continued performance and high quality of our core business assets, particularly when considered on a constant currency basis,” Andrew McIver, Intertain’s President and CEO, said.
“These results also strongly support our contention that the recent pressure on Intertain’s share price is the result of certain market circumstances and is not a reflection of the performance or prospects of the company’s underlying businesses.
“We are working hard to complete the listing of the ordinary shares of Jackpotjoy plc in London, England and these strong preliminary results also support our continued belief in our UK-centred strategic initiatives, including the London listing.”
Operating cash flow is expected to be between $30m (£18.1m) and $32m (£19.3m) for the three-month period, including a one-off severance payment of $10.5m to Intertain’s former president and CEO John FitzGerald, who left the firm earlier this year.
The operator will release its full financial statements for Q3 and the nine months ended 30 September 2016 after the close of trading on 14 November.
Its share price increased $1.83 to $8.96 on the Toronto Stock Exchange yesterday.