Betting firm Gamesys Group has announced that they've made a £40 million payment on their debt, reducing the total amount that the company owes by 7%.
The company had net debt of £484.7 million reported in the third quarter of last year, but Gamesys has been working to reduce the amount that they're carrying moving forward. This payment comes ahead of Gamesys publishing their full-year financial results, which will be published on March 17th. As it stands, making this payment will save Gamesys roughly £2.7 million on interest payments over the course of the loan.
Last year JPJ Group (JackpotJoy) purchased the assets of Gamesys, forming Gamesys Group for a purchase price of £490 million.
Speaking about the debt Gamesys Chief Financial Officer Keith Laslop noted: "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 1-2 times adjusted earnings before interest, tax, depreciation and amortisation (EBITDA).
"Our significant cash generation allows us to rapidly de-lever and today's paydown is an important first step in attaining that goal."