INTRALOT reports 1Q19 financial results
The group reported a contraction in revenue and EBITDA during the first quarter of the year.
Greece.- INTRALOT, the international gaming solutions and operations leader, has announced its financial results for the three-month period ended March 31, 2019, prepared in accordance with IFRS.
Revenue and EBITDA suffered a setback of 1.1% and 3% year-over-year respectively on a constant current basis. Group revenues also decreased by 8.5% during the first quarter of the year to €192.7 million, compared to the same period in 2018. Moreover, EBITDA in the three-month period fell 14.7% year-over-year.
Furthermore, the company revealed in its report that its net debt stood at €647.5 million, which is €32.2 million higher when compared to December 31, 2018. Gross Gaming Revenue (GGR) from continuing operations decreased by 6.0% to €109.1 million year-over year.
During the three-month period ended March 31, INTRALOT systems handled €5.6 billion of worldwide wagers (from continuing operations2), posting a 12.3% y-o-y increase. North America’s wagers increased by 38.1% (driven by Illinois contract launch), Africa’s by 14.5%, Asia’s by 12.2%, and South America’s by 10.9% (driven by Chile – significant Jackpot in Q1 – and Peru over-performance, absorbing the Argentinean Peso movement), while East Europe’s dropped by 12.7% (driven by TRY currency devaluation).
INTRALOT Group Chairman & CEO Sokratis P. Kokkalis said: “The first quarter results reflect the continuing impact from the partial loss of some contracts last year, though the successful launch of the Illinois Lottery landmark project on February 18, 2019 has started and will continue to offset these effects incrementally throughout the year.
Continuing positive news from advances in the sports betting legislative environment in the US, in the District of Columbia and Montana, create immediate prospect for new revenue streams in the promising US sports betting market. We are also very optimistic about GAMENET, our asset in Italy, which announced very strong growth in the first quarter of 2019.
In addition, INTRALOT recently signed an important contract with BCLC in Canada to provide the Lottery Gaming Engine along with terminal hardware/software and services, marking our entrance to the Canadian market. Further to our market growth initiatives, we continue to implement our plan for operational improvements and cost savings that will help us leverage the strategic advantages from the launch of our next generation products and services for digital transformation.”
