Accel Entertainment has announced a 952% increase in net income, rising to nearly $16m for Q1 2022.
In fact, the first quarter saw Accel undergo strong growth across all key metrics, driven by a top-line revenue increase of 34%.
For Q1, Accel’s revenue amounted to almost $197m, up from the prior-year period’s $147m, while adjusted EBITDA likewise increased by approximately 36% to $35m.
This financial growth was likely supported by more favourable operating conditions. Accel is a video gaming terminal (VGT) operator and many-land based businesses were negatively impacted by Covid-19 during the first quarter of 2021.
But as most restrictions have since been lifted, a more normal operating environment has returned. The company ended Q1 with 2,565 locations and 13,663 VGTs, a 5% and 7% year-on-year rise respectively.
Accel further added that its acquisition of Century Gaming remains on track to close at the end of May.
“Our solid performance this quarter is a direct testament to the strength of our business and loyalty of our customer base, even in an inflationary environment,” said Andy Rubenstein, Accel CEO.
“Looking ahead, we remain focused on closing the Century acquisition as we bring together the best practices of both our companies, and we continue to see compelling opportunities for additional expansion.”
Accel also decreased its debt on a year-over-year basis. The company ended Q1 with $147m in net debt, a 22% drop when compared to the first quarter of last year.
Rubenstein added: “Accel’s asset-light, hyper-local business model remains our unique competitive advantage, and we look forward to capturing new growth, driving more value for our shareholders and further cementing our position as the leader in our market.”
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