Toronto TSX-listed online gambling operator Intertain Group Limited (Intertain) has reported a positive start to its 2016, recording group revenues of CAD $128 million (£68 million) for Q1 2016 performance (period ending 31 March).
Updating the market, Intertain would report growth on all its core top-line fianancial metrics (performance statement below), with the company posting a period net income of CAD $9 million (£4.8 million), reversing its corresponding losses of CAD -$26 million.
Intertain governance would declare that the company had recorded growth on all its acquired assets, which saw Jackpotjoy generate revenues of CAD $87.4 million, Vera&John generate revenues of CAD $25.3 million and Mandalay generate revenues of CAD $11.4 million.
Its positive all-round performance would see Intertain declare an operating cash-flow of CAD $52 million.
The operator remains positive on its 2016 outlook, as it enhances its core brands and platform. During the period Intertain were able to relaunch igaming legacy brand InterCasino on its proprietary Plain Gaming platform.
The company updated that its Plain Gaming platform currently holds more than 30 game providers, offering over 1,000 web games and 400 mobile games.
Intertain would use its update, to inform the market that its ‘Special committee’ were progressing in its search for a new Chief Executive Officer and Chairman of the Board of Directors of the Company following the resignation of John Kennedy Fitzgerald last February.
David Danziger, Chairman of the Board commented,
“The Board considers the Company to be significantly undervalued and is actively exploring all options to correct this. We are pleased by the considerable interest shown by third parties in pursuing a value enhancing strategic transaction with Intertain. Similarly, if we conclude that a sale is not the most advantageous option for the business, we are confident that we will have a talented management team to drive the strategy of Intertain going forward, particularly with the prospect of a potential migration of Intertain and increased exposure of Intertain to European capital markets. We continue to progress all strategic options with the objective of timely identification of the best alternative. Of course, the excellent financial results we have announced further confirm the strength and continued growth of Intertain’s main businesses and the value we believe can be unlocked for the benefit of our shareholders.”
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