Lottomatica reports revenue rise ahead of IPO

Finance News

Italy’s Lottomatica expects revenues of between 1.57-1.67 billion euros ($1.68-1.79 billion) and core profits in the range of 550-570 million euros this year, the group said in statement.

Last year’s revenues were 1.4 billion euros, with a pro-forma core profit of 518 million euros, when taking into account the acquisition of Italian remote gaming and betting collection company Betflag, completed in November.

Lottomatica, whose shareholders in February approved the start of a process leading to an initial public offering (IPO) on Euronext Milan, added that its post-listing dividend policy envisaged a pay-out of 30% of the group’s adjusted net profit.

The gambling group said on Tuesday proceeds from the IPO would be used to achieve a net financial debt equal to 2.5 times the pro-forma run rate core profit at the date of the potential listing.