Amaya Announces Record Revenues in 2016
Twelve months prior to 31 December 2016 have been rather successful for the Canadian gaming and online gambling company Amaya Inc.
The Montreal-based company – which has hit the headlines recently in negative light due to former CEO David Baazov and his insider trading trial – has announced that it generated record revenues during 2016 which amounted to $1.15 million.
The total amount is an increase of 8% on the sum generated during the previous year.
The confirmed revenues come after the company had previously published preliminary results announcement, expecting to achieve record numbers in 2016, which ultimately came true as a result of the positive performance.
Amaya Inc. states that adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) soared to $524.1 million, which is a 14% increase to last year’s records. Net earnings from continuing operations bounced up from a $20 million loss to positive $135.6 million which marks an incredible increase of 777%.
Additionally, there has been an increase in adjusted net earnings which stand at a 26% increase worth $366.7 million.
Negative Trends Reversed
The company has announced that rise in revenues is down to the company’s proactive changes to the poker ecosystem and customer acquisition initiatives, which continue to do their part in reversion of negative trends.
The organic growth in business is most evident through limited marketing campaigns and cross-sell efforts, as well as through the development of company’s sportsbook.
“The strong performance of our business has helped us to reduce our currency risk, lower our interest expense, and accelerate the payment of the remaining amounts owed on our deferred payment obligation, all of which will allow us to continue pursuing our four strategic priorities.”, Amaya CEO Rafi Ashkenzi said.
Amaya Inc. expect the positive trend to continue in 2017 as well with adjusted EBITDA expected to reach top mark of $580 million.