Italy's Lottomatica raises outlook after completing SKS365 deal (updated)
30/04/2024 10:33
(Adds share price move, details, CFO quote)
April 30 (Reuters) - Italian betting firm Lottomatica
LTMC.MI upgraded its full-year adjusted core profit (EBITDA)
guidance to a range of 680 million to 700 million euros
($728-$749 million) on Tuesday, citing completion of its
acquisition of online betting provider SKS365.
The company's shares were 1.4% higher by 0900 GMT, taking
year to date gains to 9.4%.
Lottomatica reported first-quarter adjusted EBITDA of 149.5
million euros, down 4% from a year earlier as the first quarter
of this year was characterized by above-average winnings by
players, bucking the first quarter of 2023, which had seen the
opposite trend.
"We have successfully completed the acquisition of SKS365 in
April 2024 and therefore upgraded the guidance and continue to
execute on our strong pipeline of bolt-on M&A," CEO Guglielmo
Angelozzi said in a statement.
Its upgraded adjusted EBITDA guidance includes eight months'
contribution from SKS365.
"We will continue to look at opportunities for bolt-on
acquisitions," Chief Financial Officer Laurence Van Lancker said
during an analyst call following the results, adding that in the
first quarter, Lottomatica was focused on closing the SKS365
deal.
The Rome-based betting firm also raised its 2024 revenue
guidance to a range of 2.02 billion-2.07 billion euros, from a
previous guidance of 1.80 billion-1.845 billion euros which did
not include the SKS365 contribution.
($1 = 0.9347 euros)
(Reporting by Romolo Tosiani; editing by Jason Neely and Susan
Fenton)
((Romolo.Tosiani@tr.com;))