Canadian online gambling operator Intertain Group Ltd. announced on Wednesday its financial results for the quarter and full year ended December 31, 2015. Quarterly revenue amounted to C$137 million compared to C$18.3 million posted for the same period a year ago. Full-year revenue totaled C$384.5 million, up from C$40.8 million reported for the previous calendar year.
The company pointed out that annual revenue exceeded the initial expectations of up to C$375 million. Adjusted net income for the three months ended December 31, 2015 amounted to C$43.2 million. In comparison, the amount of C$6 million was posted for the same quarter of 2014. Intertain and its brands generated annual adjusted net income of C$111.6 million compared to C$16.6 million in 2014.
Fourth-quarter adjusted EBITDA totaled C$53.3 million, up from C$10.8 million posted for the same three months of the previous year. Full-year adjusted EBITDA increased from C$23.4 million in 2014 to C$139.4 million.
Intertain reported quarterly revenue increases for three of its main brands. Jackpotjoy, which runs online casino and bingo operations, generated revenue of C$90.7 million in the three months ended December 31, 2015, up 20% year-on-year. Online casino brand Vera&John posted revenue of C$22.7 million for the period in review, up 45% as compared to the results reported for the same three months of 2014. Online bingo brand Mandalay generated a total of C$11.7 million, representing a 7% increase year-on-year.
Commenting on the company’s performance, Intertain President and CEO John Kennedy FitzGerald said that the posted results indicate growing value from the recently acquired assets and prove that their fundamentals are strong and the prospects for the business are very encouraging. Mr. FitzGerald also added that Intertain’s financial performance both in the fourth quarter and the full year show that their business is sound, their customer base is keeping on growing and is stable enough, and that their market position has remained unchanged.
As for its expectations for 2016, Intertain said that full-year revenue would likely total up to C$500 million. Adjusted EBITDA is expected to reach up to C$195 million and adjusted net income of between C$140 million and C$160 million is expected to be generated during the twelve months ended December 31, 2016.
