Achieving growth in a ‘volatile’ environment

Achieving growth in a ‘volatile’ environment

Wednesday, May 27, 2015 Totally Gaming
CEO Ziegler says OPAP has flourished in an unstable market

Greek gambling company OPAP has outlined how it was able to achieve widespread growth across key financials during the three months to March 31, despite having to contend with a ‘volatile environment’.

The company posted revenue of €1.1bn ($1.3bn) in the first quarter of the year, up 15.8 per cent from the €965.5m recorded in the same period last year. Gross gaming revenue also hiked 11.3 per cent on a year-on-year basis to €356.3m.

Reflecting on the results, Kamil Ziegler, chairman and CEO of OPAP, was keen to highlight the company’s success in terms of operating efficiencies during the period.

“A significant improvement was evident on both our financial figures as well as operating efficiencies across the group,” Ziegler said.

“Overall, we managed to grow our revenue and profitability base amidst a volatile environment, while our actions towards the company’s offering enhancement continued on all fronts.”

EBITDA jumped 22.2 per cent to €93.2m, while net profit was up by 16.9 per cent to €58.1m. OPAP also noted that net profit margin on gross gaming revenue in the opening period of the year increased to 16.3 per cent.

Shareholders in OPAP also enjoyed a positive quarter, with earnings per share in the three-month period up 16.9 per cent to €0.182.

“For 2015 our focus remains the same: reinforcing our core business is at the heart of everything we do,” Ziegler added.

“The successful VLTs introduction in the Greek market will generate additional revenues for the Greek state, create new jobs and boost the real estate market. 

“Our company has been over time and with consistency the mainstay of the Greek economy and society.”

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