Intralot sees revenue fall and losses rise in Q3

Intralot sees revenue fall and losses rise in Q3

Tuesday, November 27, 2018 Posted by News Team
Finance
Loss for first nine months of 2018 also up, rising to €11.0m

Intralot has reported a 3.5% decline in turnover for the third quarter of its financial year, with losses for the period rising to €7.9m. 

Turnover for the quarter ended September 30th fell to €251.0m, following a negative impact from foreign exchange rates on Turkish and Argentinean revenue, as well as lower sales from Greece’s OPAP. The company also suffered from increased competition in Poland, the suspension of its Cypriot betting licence, and a lower contribution from the US. 

This resulted in net gaming revenue dropping to €125.7m, down 7.2% year-on-year. 

Cost of sales, meanwhile, were up at €205.3m, and the company’s gross profit fell 16.8% to €45.7m. As a result EBITDA fell to €34.8m, with the company’s post-tax loss rising to €7.9m. 

For the first nine months of 2018, turnover rose marginally to €798.6m. Sports betting accounted for 57.8% of turnover, followed by a 30.5% contribution from lottery games. Technology contracts comprised 6.2% of total turnover, with a further 2.8% from video lottery terminals and 2.7% from racing. 

While Intralot posted a pre-tax operating profit of €46.3m, this was offset by taxes of €24.4m and a €32.0m loss from discontinued operations, resulting in a loss of €11.0m for the year to date.

However, Intralot chief executive Antonios Kerastaris said that the company had signed a number of key contracts in the first two months of Q4, setting it up for future growth.

 “Intralot has successfully won new projects in the past two months such as Lotto Hamburg and the Croatian Lottery as well as extended its New Mexico contract in the US; in the latter case including approval for a new sports prognostics game, available through the entire retail footprint of the lottery,” he said. 

“All these projects will apply new technological solutions developed by Intralot, reflecting the positive prospects created by our significant investments in the last two years.”

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