GTECH Announces Very Good First Quarter Despite Drop in Revenue

iGaming software and services provider GTECH has announced what it sees as a “very good” first quarter, despite revenue for the first 3 months of 2014 dropping year on year.

While reported revenue of EUR 781.3 million – down from EUR 797.5 million in 2013 – the operator of lottery and online gambling sites in Italy, Spain and North and South America put this down to currency fluctuations and lower than expected video lottery sales in Canada.

Indeed, on a constant currency basis, revenue for the quarter was EUR 796 million, only slightly below the 2013 level.

Earnings before tax, interest and depreciation also fell 1.3% as the company recorded figures of EUR 296 million, down from EUR 300 million in 2013.

Grounds for Optimism

The company, however, is pleased with their steady progress, with revenue pretty much matching their 2013 levels, levels that were a record for the interactive gaming company.

Chief Executive Marco Sala commented on the announcement: “GTECH enjoyed a very good first quarter. We delivered results that were comparable to the similar quarter last year, which historically was the Company’s highest on record.

“Driven by healthy growth in the Americas and stable results in international and Italy, our first-quarter performance gives us confidence in our ability to meet our full-year guidance.”

With mobile casinos taking off throughout Europe, GTECH will have to bolster their figures in the near future, and their acquisition of mobile gaming provider Probability shows that the Italian based firm know where the future is headed.