Scientific Games Corporation (SGC) has recorded revenue growth across its key gaming, lottery and digital verticals, as the new look firm presented its financial report for the second quarter of 2018.
Reporting on its Q2 trading for the period ended June 30, SGC revenues saw a $79m (£60m) boost to $845m (£646m), representing a 10 per cent increase from the $766m (£585m) in the same period during 2017.
Inclusive in those figures is a $51m (£39m) revenue figure reported by the firms new gaming and betting asset NYX, secured in a $630m (£481m) deal in early January of this year.
SGC reports the periodic revenue increases despite its gaming, $470m (£359m) in revenue, and lottery, $207m (£158m) in revenue, services impacted by “a $10.0 million negative impact from applying the new revenue recognition accounting”.
Adjusted EBITDA for the period saw an eight per cent uplift to $340m (£260m), rising from the previous years $315m (£241m), whilst the debt structured firm also reduced its loses to $5.8m (£4.4m), dropping from 2017’s -$39m (£30m): “Primarily driven by higher revenue and more efficient business processes throughout the organisation, and reflective of $33.5m (£25.6m) in restructuring and other charges offset by a $34.5m (£26.3m) gain on remeasurement of Euro denominated debt”.
Barry Cottle, Scientific Games Corporation CEO & president, commented: “I’m very pleased with our accomplishments this quarter, and particularly proud that all four businesses continued to experience growth and are accelerating our financial momentum.
“Our core businesses are strong and ready to capitalise on the significant opportunities in the marketplace to drive growth, by delivering great games and robust platforms and systems that enable them. We remain focused on delivering results, maintaining our financial discipline and strategically investing in our future to maximise shareholder return.”
Furthermore, SGC also details that its current ‘operating activities’ have decreased to $103m (£78.7m) from $169m (£129m), as result interest payments taken from its February 2018 refinancing scheme.
Michael Quartieri, chief financial officer of Scientific Games, added, “This quarter marks our eleventh consecutive quarter of year over year growth in revenue and AEBITDA. We have clear momentum across all of our global businesses.
“The improvement in our operating results, along with lower interest costs, provides us with a clear path of increasing cash flows, deleveraging, and strengthening our balance sheet.”
