Intertain Acquisitions Build The Firm's Debt Burden

INTERTAIN ACQUISITIONS BUILD THE FIRM'S DEBT BURDEN

13th March, 2015 at 04:44:35
Source: http://www.azonlinecasinos.com

But management is confident that solid acquisitions will generate future profitability.

Intertain Group, a Canadian online gambling company closely associated with Amaya Gaming (the latter holds a 5.8% interest in the company) has posted an interesting set of 2014 annual results showcasing revenues from a zero base up at $40.8 million but a heavy debt burden as a result of a series of major acquisitions.

Intertain points out that since 2013 it has acquired Wagerlogic's Intercasino for $70 million; Mandalay Media for $45 million; and Vera&John for $89 million, all of which are now contributing revenues at $22 million, $17.2 million and $1.6 million respectively.

Adjusted EBITDA for 2014 came in at $20 million, but the drain of acquisition expenses imposed a $26 million loss on the group, which management says is likely to grow following the recent agreement to buy Gamesys brands Jackpotjoy and Botemania for a massive 425 million.

Chief executive officer John Fitzgerald is undaunted by the prospect, saying in his report to shareholders that the deals were part of the company's acquisitive strategy to become the world's largest online gambling group focused on the female demographic, and would bear profitable fruit in the future.

The detailed Intertain results can be accessed here:

http://www.marketwired.com/press-release/intertain-group-limited-announces-fourth-quarter-and-fiscal-2014-financial-results-tsx-it-1998711.htm.

Related News Tags: , , , ,



« News index »



NEKTAN IN DISTRIBUTION DEAL WITH HIGH 5 GAMES

29th March, 2017 at 15:16:22
Significant development for Nektan.

UK COURT GREENLIGHTS BETSSON'S NETPLAY ACQUISITION (Update)

29th March, 2017 at 15:16:22
Deal expected to complete later this week.

SPORTECH FULL YEAR 2016 RESULTS

29th March, 2017 at 15:16:22
Results fail to impress but transformational period positions company for growth, Board believes.

NEW TELEVISION ADVERT FROM ONLINE CASINO

28th March, 2017 at 19:47:54
PlayOJO.com begins major marketing push in UK.

HABANERO HAILS STRONG START TO 2017

28th March, 2017 at 11:21:29
Future looks bright, developer says.