INTRALOT releases Q3 results
INTRALOT has released the financial results for Q3 and the first nine months of the year, a period in which US operations performed well.
Greece.- INTRALOT has released its financial results for the third quarter of the year and the first nine months of the year. Group revenue totalled US$612.4 million in the third quarter, which is a 6.9% decline when compared to the same period last year.
EBITDA in the first nine months of the year was US$86.9 million, down 19.7% from 2018. Adjusted EBITDA was down by 0.3% year-on-year to US$94.7 million.
In Q3, INTRALOT’s licensed operations brought in €110 million of the total, representing a 63%. Technology supply contracts totalled €53.3 million or 30%, while game management contracts generated €14.2 million or 8% of the total.
On the other hand, US operations helped INTRALOT with revenues, as they totalled US$21.3 million. New contracts in Illinois and equipment sale in Arkansas helped offset the discontinued operations in South Carolina and Ohio.
Group Chairman and CEO Sokratis P Kokkalis said: “In 3Q 2019 we continued progress on our strategy to mitigate the impact of contract losses by means of our three-prong strategy of cost-reductions, winning new business, and the disposal of non-core assets.
“We are particularly satisfied about the award of a new US sports betting contract for the Lottery of New Hampshire which is an important step for our growth strategy in the US, and the successful sale of our stake in the Italian Sports Betting operator Gamenet for a total consideration of €78 million, that will offer a strong boost to our cash position and a reduction of our net debt in the FY2019 results.”
