Amaya confirms record revenue haul in 2016

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Amaya confirms record revenue haul in 2016

Postby The Fox » Wed Mar 22, 2017 1:37 pm

Amaya confirms record revenue haul in 2016

22 March 2017
Amaya has announced that it was able to generate record levels of revenue in the 12 months to December 31, 2016.

Total revenue came in at $1.15 billion (€1.07 billion), an increase of 8% on the €1.07 billion posted in the previous year.

Adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) climbed 14% to $524.1 million, while net earnings from continuing operations improved 777% from a loss of $20 million to a positive of $135.6 million and adjusted net earnings climbed 26% to $366.7 million.

In January, Amaya said in a preliminary results announcement that it expected to post record results for 2016.

As a result of the positive performance, Amaya has set a revenue guidance of between $1.2 and $1.26 billion for 2017, with adjusted EBITDA expected to come in at between $560 and $580 million, and adjusted net earnings between $400 to $430 million.

Rafi Ashkenazi, chief executive of Amaya, said: “Our proactive changes to the poker ecosystem and customer acquisition initiatives continue to reverse certain negative trends and we are starting to see organic growth in that business, our casino offering exceeded expectations as we introduced limited marketing campaigns and focused on our cross-sell efforts, and we continued to build and develop our sportsbook.

“The strong performance of our business has helped us to reduce our currency risk, lower our interest expense, and accelerate the payment of the remaining amounts owed on our deferred payment obligation, all of which will allow us to continue pursuing our four strategic priorities.

“We expect to continue our 2016 momentum and execute on our strategy in 2017.”

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