Intralot pleased by rise in H1 revenue

Intralot pleased by rise in H1 revenue

Friday, August 14, 2015 Totally Gaming
Intralot is pleased with its recent deal with Bit8

Greek gaming operator Intralot’s impressive performance despite problems in its home country continued as it announced a 5.9 per cent year-on-year rise in H1 consolidated revenue to €958.7m ($1.068bn).

Antonios Kerastaris, the company’s chief executive, described the performance during the six-month period as “strong” as like-for-like earnings before interest, tax, depreciation and amortisation hit €80.1 million, representing growth of 9.4 per cent.

However, total EBITDA fell 2.6 per cent year-on-year to €87.2m, earnings before tax dropped 12.7 per cent to €17.6m and operating cash flow was down to €8m due to a negative working capital of €30.7m.

“In the second quarter of 2015 Intralot delivered a strong set of results as EBITDA grew by 8.4 per cent compared to the same quarter of 2014, which also resulted in improved EBITDA margins, despite a tough comparison with Q2 2014 due to the gradual fall-off of the Romanian contract and the effect of the World Cup headwinds from a higher than usual payout continued in Q2 2015, albeit improved as compared to Q1 2015,” Kerastaris said. 

“A comparison of the business excluding these exceptional items shows a strong growth in revenue across all our geographical segments. During the first half of the year we have renewed our contracts in the Netherlands, Morocco and Azerbaijan and continued the implementation of our strategic plan to streamline operations.”

Intralot also said that although revenue for its parent company was down 17.8 per cent to €39.3m in the first half, EBITDA increased by 114.1 per cent to €34.3m.

Kerastaris added that the purchase of a 35 per cent share in sportsbook and casino platform Bit8 last month was the cause of optimism for the rest of the year and beyond.

“Moreover, we proceeded to the acquisition of a strategic stake in Bit8, enriching further our products and services offering and enhancing customer experience," Kerastaris said.

“We implement our strategy with strong operational and financial discipline and are seeing positive impact in key growth areas. We remain focused on maximising shareholder value and customer satisfaction.”

Last month, bonds in Intralot, one of a handful of Greek corporate securities investors are willing to hold, posted their biggest two-day jump on record as the country’s government agreed a new bailout with creditors.

The Athens-based company had more than €388m ($425m) of cash in international bank accounts at the end of March and got less than two per cent of first-quarter revenue from its Greek business.

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