The Canadian gaming and iGaming firm, Amaya Inc., announced a profitable final quarter in its fiscal year 2016 earnings statement. This signified a major turnaround from the corresponding period the previous year, fueled by client expansion and expense reduction strategies. The corporation, proprietor of online poker behemoths PokerStars and Full Tilt, had already projected a record-setting year in its initial earnings disclosure in January.
Overall revenue hit $1.15 billion, an 8% surge compared to $1.07 billion in the 2015 fiscal year. Modified EBITDA experienced a 14% leap to $524.1 million, while net income from ongoing operations soared an astonishing 777% to $1.356 billion from a $20 million deficit. Adjusted net income also demonstrated robust growth, climbing 26% to $366.7 million.
For the quarter concluding December 31, 2016, Amaya’s revenue witnessed a nearly 6% rise, reaching $310.4 million.
Amaya’s CEO, Rafi Ashkenazi, stated, “Our beneficial alterations to the poker environment and customer acquisition endeavors persist in reversing certain unfavorable patterns. We’re beginning to observe inherent expansion within the business. Our casino product is surpassing projections as we implement targeted marketing campaigns and concentrate on cross-selling efforts. We are continuing to construct and enhance our sportsbook offering.”
The business achieved remarkable success this year! We adeptly managed the obstacles presented by currency rate volatility, allowing us to lower our monetary outlays. Furthermore, we made substantial headway in settling our outstanding deferred payment liabilities. Consequently, we are favorably positioned to maintain the pursuit of our quartet of strategic objectives. We are enthusiastic about capitalizing on the impetus gained in 2016 and carrying it forward into 2017 as we persist in implementing our plan.”
Given these favorable outcomes, Amaya forecasts revenue ranging from 1.2 billion to 1.26 billion dollars in 2017. They anticipate adjusted EBITDA to be within the range of 560 million to 580 million dollars.
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