Amaya Still Moving Forwards Despite Negative Publicity

After David Baazov took a voluntary, indefinite leave of absence from his position of CEO in March, after being charged by the Autorité des marchés financiers, the Quebec financial security regulator with five charges related to insider trading, it could have been assumed that Amaya would struggle to increase year on year growth, but that has not been the case.

Increases

Revenue in the last corner was up to $288.7 million, a 6% increase on last year’s revenue for the same period of $272.3 million.Adjusted earnings before interest, tax, depreciation and amortisation also saw a rise, up by 8.7% year-on-year to $123.4 million.Net earnings from continuing operations rose by a staggering 138.5% to $55.5 million and there was also a 26% rise in adjusted net earnings, up to $85 million.Diluted earnings from continuing operations per common share also rose, as did customer registrations, up 2.5 million to 102 million by the finish of the quarter.Amaya Still Moving Forwards Despite Negative Publicity

Unexpected challenges

Rafi Ashkenazi, who is acting as at least interim CEO, said of the rise in revenues:“During the first quarter, we continued to execute on our growth plans despite unexpected challenges, including management changes and the ongoing strategic alternatives process.”David Baazov, along with five other plaintiffs, has plead not guilty in writing to charges relating “in particular for aiding with trades while in possession of privileged information, influencing or attempting to influence the market price of the securities of Amaya Inc., and communicating privileged information”.It is not known if or to what extent Amaya could be punished if Baazov is ultimately found guilty.

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