Intertain says losses increase tenfold, claims to be mulling takeover bids

Shares in Canadian online gambling firm Intertain Group leapt by one-fifth on Thursday after the company claimed it was mulling “many” takeover bids.

Intertain released its Q4/FY15 numbers on Thursday, which showed strong revenue growth across its various online gambling brands. However, costs associated with the acquisition spree that brought all those brands into Intertain’s fold resulted in net losses rising tenfold to C$134.4m for the quarter and $227m for the year.

The Jackpotjoy and Mandalay online bingo brands reported Q4 revenue up 20% to $90.7m and up 7% to $11.7m, respectively, while the Vera&John online casino improved 45% to $22.7m. Based on these improvements, Intertain set its 2016 revenue guidance at between $460m and $500m.

Intertain’s soon-to-be-ex-CEO John Kennedy Fitzgerald claimed the results “demonstrated the quality and performance of Intertain’s business segments” while emphasizing that “our customer base is stable and growing.”