INTRALOT announces steady revenue growth in the first trimester of 2022
The company’s revenue grew by 0.1 per cent compared to 2021, while EBITDA increased by 4.9 per cent.
Press release.- INTRALOT, an international gaming solutions and operations leader, announces its financial results for the three-month period ended March 31st, 2022,
prepared in accordance with IFRS.
Reported consolidated revenue posted a steady performance compared to 1Q21, leading to total revenue for the three-month period ended March 31st, 2022, of €97.7m
(+0.1 per cent). EBITDA, for its part, increased by 4.9 per cent, with revenues of €26.1 m.
Lottery games contributed the most to the top line, with 61.90 per cent of revenue, followed by sports betting, which contributed 18.80 per cent to Group turnover over the three-month period. Technology contracts represented 7.70 per cent and VLTs monitoring represented 11.20 per cent of the Group’s turnover, while Racing constituted 0.50 per cent of total income.
INTRALOT Chairman & CEO Sokratis P. Kokkalis noted: “First quarter results show a consolidation of gains and recovery from the COVID impact and reflect an improved financial profile, with normalized revenues and a reduction in operational expenses and debt servicing costs consistent with the Company’s business plan. In the background of this strongly improved P/L and Balance Sheet, the Company has designed and is about to launch a Share Capital Increase by means of Rights Issue and has secured the commitment of Standard General Master Fund II L.P. as cornerstone investor for the unsubscribed rights in a move that will significantly strengthen our prospects to grasp the tremendous opportunities in the US and the global markets.”
On the other hand, on April 26th, INTRALOT announced that it will convene a shareholders’ meeting to approve an increase in the Company’s Share Capital through the issuance of rights, up to an amount not greater than 150 per cent of the paid-up share capital. The proceeds will be used to purchase the shares in Intralot Inc. not currently controlled by the parent Group.
To this end, a binding Sale Purchase Agreement has been signed with minority shareholders who control 33.2 million shares of Intralot Inc. for a price of €3.65 per share, conditional on the successful completion of the Capital Stock Increase. INTRALOT announced that it has signed a binding MOU with Standard General Master Fund II L.P., under which Standard General will purchase all unallocated funds shares in the Capital Stock Increase, up to a number that does not exceed one-third of the total votes Intralot SA shares up to €0.58 per share.
On May 23rd, an extraordinary Shareholders’ Meeting provided authorization to the Board of Directors of Intralot SA to determine the terms of the Share Capital Increase and undertake
all necessary actions.
