‘Steady progress’ for US focused Intralot

‘Steady progress’ for US focused Intralot

Wednesday, November 29, 2017 Posted by Luke Massey
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The lottery systems supplier presented its YTD trading performance

Intralot SA has reported ‘steady’ corporate progress in its year-to-date (YTD) trading statement, as the company continues to grow its US presence.

Reporting growth across its core metrics, the Athens-listed lottery systems supplier published consolidated group revenues of €1,085 billion, up 13% on the corresponding YTD 2016 performance.

Strong product sales in the US, supported by new market growth in Poland, Jamaica, Morocco and Azerbaijan, saw Intralot declare a group YTD EBITDA of €137 million.

Intralot governance was pleased to record a 10% gain in EBITDA, despite being impacted by a 12% decrease in its group operating margin, which was attributed to lottery contract changes and costs.

Closing its trading period, Intralot is now confident of achieving its full-year 2017 expectations, as the company delivers YTD consolidated group profits of €190 million. The company also outlined that, as of November 2017, group corporate debt stands at circa €497 million.

Antonios Kerastaris Group Chief Executive of Intralot SA, said: “Financial Results for the 9M2017 demonstrate steady progress in all three strategic goals set by the company, namely gains in Operational Performance, the implementation of M&A strategies to improve the profitability of our offering mix while facilitating investments in new products and projects, and Financial Profile Restructuring to secure long-term visibility.

In H1 2017, Kerastaris revealed that Intralot would review strategic options with a view to accelerating the firm’s services for the US market, targeting new lottery contract wins. To pursue this growth strategy, Intralot has secured a new seven-year €500 million corporate bond.

“INTRALOT’s market potential has been manifestly recognized by the success of a 3x-oversubscribed €500m bond offering with 7-year maturity period in September 2017,” Kerastaris continued.

“This issue allowed INTRALOT to fully repay its syndicated loans to the Greek banking sector while the diverse mix of investors includes the majority of the highest calibre international investment houses and generates additional confidence and credibility for INTRALOT’s prospects.”

Totally Gaming says: Industry stakeholders should be keeping a close eye on Intralot’s US ambitions, and whether the company can deliver its desired contract wins and new business in a tough and saturated lottery market in which it will compete directly with its main rivals.

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