arnings before interest, taxes, depreciation and amortization for the year increased by 8 % to 756 million euros, which was impacted by the company’s growth in the Italian market. In the fourth quarter, revenues were up 50 % and earnings before interest, taxes, depreciation and amortization increased by 15 % when compared to the same period in 2007.
Driven by product sales in the United Kingdom and Finland, Gtech, a subsidiary of Lottomatica, grew its fourth quarter revenues by 78 %. The company reported revenues of 385.8 million euros for 2008.
“Our performance in the fourth quarter of 2008 gives us confidence in the resiliency of our businesses, particularly during these uncertain economic times,” said Stefano Bortoli, the company’s chief financial officer, in the earnings statement. “These results, and our overall annual growth, reflect our intensified focus on financial discipline, cost control and cash management.”