(Alliance News) - Gamesys Group PLC on Monday said it has made a "significant" repayment of its current debt balance amid strong cash generation.
The online gaming operator reported the first paydown of GBP40 million towards debt balances, which represents more than 15% of the company's outstanding debt in sterling terms, and is 7% of total outstanding debt, including its tranche in euros.
"As we've stated previously, a key strategic goal for the board is to have our long-term leverage ratio in-line with our peers, which is currently in the range of one to two times adjusted earnings before interest, tax, depreciation and amortisation," said Chief Financial Officer Keith Laslop.
"Our significant cash generation allows us to rapidly de-lever and today's paydown is an important first step in attaining that goal," added Laslop.
Gamesys shares were trading 1.3% higher in London on Monday at 716.00 pence each.
By Evelina Grecenko; evelinagrecenko@alliancenews.com
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