INTRALOT announces H1 financial results
The company revealed that revenue and EBITDA increased 11.4% and 12.1% respectively.
Greece.- INTRALOT, the international gaming solutions and operations leader, has announced its financial results for the six month period ended June 30, 2018, prepared in accordance with IFRS.
During the six-month period INTRALOT systems handled €11 billion of worldwide wagers from continuing operations, a 2.7% year-on-year decrease. Africa’s wagers increased by 22.9%, South America’s by 6.8%, and East Europe’s by 1.4%, while North America’s decreased by 8.0%, West Europe’s by 2.9%, and Asia’s by 1.9%.
Reported consolidated revenues increased by 2.4% compared to the same period in 2017, leading to total revenues of €547.6 million. Sports betting was the largest contributor to the company’s top line, comprising 58.3% of revenues – and posting a 9.5% revenue growth year-over-year-, followed by Lottery Games contributing 29.6% to Group turnover. Reported consolidated revenues for the six-month period are also up by €12.9 million year-over-year.
On a quarterly basis, revenues increased slightly at 0.5% compared to the second quarter of 2017, leading to total revenues for the three-month period started in April 1, 2018, and ended in June 30, 2018, of €267.0 million. Increased revenues for the quarter – an increase of €1.3 million – are primarily attributed to increased sales in Bulgaria, Azerbaijan, Poland, the US, Morocco and Chile, in part offset by Argentina’s and Turkey’s FX impacted revenues, Australia revenue shortfall, and Cyprus suspended SB license.
Gross Gaming Revenue (GGR) from continuing operations increased by 0.7% to €275.6 million year-over-year, while during the second quarter it decreased by 1.2% year-over-year.
INTRALOT Group CEO Antonios Kerastaris said: “In 1H2018 INTRALOT made great progress towards its strategic goals: first with the ongoing geographic refocus and the shift of the Revenue/Ebitda mix towards low-risk markets, evidenced by a stream of renewals and new clients in the US; and second with the deployment of our next generation solutions that start paying off our significant investment in new products for digital transformation reversing the significant cash impact of these key investments towards generating long term value.
“Meanwhile we renewed our key contract for the operation of the popular sports betting game Iddaa in Turkey where we recorded a stellar revenue growth of 31% as well as 19% Ebitda growth in 1H2018 in local currency terms, and we saw a significant increase of the value of our Italian assets due to the acquisition of Goldbet by Gamenet that has now become the leading betting operator in the country with a combined market share of 17.7%. Significant focus is now placed on the tremendous opportunities that open up in the nascent US sports betting market after the federal ban repeal in May and a lineup of tender awards that will be announced soon in mature markets.”
