Amaya posts growth in Q1, reveals plans for name change

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Amaya posts growth in Q1, reveals plans for name change

Postby The Fox » Mon May 15, 2017 5:17 pm

Amaya posts growth in Q1, reveals plans for name change

15 May 2017
Amaya has reported year-on-year growth across key financial metrics during the three months to March 31, 2017, and also announced plans to change its name to ‘The Stars Group’.

Revenue in the first quarter amounted to $317.3 million (€290 million), which is an increase of 10% on the total generated in the corresponding period last year.

Adjusted earnings before interest, tax, depreciation and amortisation came in at $151 million, up 22.3% on $123.4 million in Q1 of 2016.

Net earnings climbed by 18.5% year-on-year to $65.8 million, while adjusted net earnings were also up 33.4% to $113.4 million.

Rafi Ashkenazi, chief executive of Amaya, said: “We continued our momentum in the first quarter as we execute on our strategy and reinforce the foundation for sustainable and diversified revenue growth, including through the strengthening of our core management team and operations.

“Our company also continues to evolve through corporate initiatives to deliver the greatest value for our shareholders.”

The firm did not release any further information about the proposed name change, but did state that it will stage a vote on the measure at its upcoming Annual General Meeting.

Meanwhile, Amaya has appointed William Hill’s Robin Chhabra to the newly-created position of chief corporate development officer.

Chhabra will lead and oversee the company’s corporate development function, reporting directly to chief executive Rafi Ashkenazi.

Amaya expects Chhabra to take up the role in September after a short period of garden leave from William Hill, where he has been serving as group director of strategy and corporate development since May 2010.

In addition, Chhabra was director of corporate development for Inspired Gaming Group from 2006 to 2009, and previously had spells with various financial, consultancy and auditing firms.

Chhabra is the latest new addition to the management team at Amaya, following the recent appointments of Bo Wänghammar as managing director of PokerStars Casino, Zeno Ossko as managing director of BetStars, and the promotion of Guy Templer to chief operating officer of Amaya's brands.

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