Innova meets expectations as revenue and profit increase

16 March 2016

Richard Weil, chairman and chief executive of Innova Group, has said that the company was able to meet or exceed all of its growth objectives during the 12 months to December 31, 2015.

Full-year revenue amounted to $21.2 million (€19.1 million), up from the $18.5 million posted in the previous year, while gross profit grew from $16.0 million to $19.7 million.

Elsewhere, adjusted earnings before interest, tax, depreciation and amortisation increased from $3.9 million to $4.6 million, while adjusted earnings per share rose slightly to $0.09.

Although, Innova did note that full-year income dropped from a positive figure of $6.8 million in 2014 to a loss of $395,300 in the most recent 12-month period, it was able to increase its total assets from $22.9 million to $35.1 million.

“During 2015, we met or exceeded all of our growth objectives, while maintaining balance sheet strength and further building our substantial recurring revenue base,” Weil said.

“Our market opportunity is large; we expect 2016 to be another year of growth as Diamond Game continues to deploy LT-3 terminals into existing jurisdictions and opens new regions for its unique extended-play lottery and charitable gaming solution.

“Our goal is to grow Innova into a much larger, profitable organisation.

“To that end, we are also looking at a select group of actionable transactions that would complement and grow our lottery and charitable gaming presence, while leveraging the strength of our experienced management team.”

Related article: Innova praises business model as finances jump in Q3