Intralot reveals results for 2017
The Athens-based company revealed a 5.5 per cent EBITDA improvement during 2017 and revenue 11.4 per cent higher than 2016.
Greece.- International gaming solutions and operations provider Intralot finally revealed its financial results for 2017 and reported some improvement year-on-year. According to the full year report, the company saw revenue grow by 11 per cent from 2016, as well as earnings before interest, taxes, depreciation and amortisation (EBITDA), which grew by 5.5 per cent last year.
Revenue’s growth had the company posting €1.1 billion in 2017, mainly due to a contribution by sports betting, which amounted to 55 per cent of the company’s total. Meanwhile, EBITDA reached €171.5 million, which were €9 million higher than last year, driven by the improvement in the Rest of Cost of Sales margin pushed mainly by their USA operations following consumables optimisation and less Liquidated Damages (Lds).
NIATMI from continuing operations in FY17 concluded at €-58.6m compared to €-74.2m in FY16 following a positive EBT variance. In 4Q17, NIATMI concluded at €-35.9m compared to €-39.0m in 4Q16.
“Our performance in FY2017 reflects progress in all major strategic goals of INTRALOT and towards a stable and predictable future of our company,” Intralot Group CEO Antonios Kerastaris noted, adding: “We achieved further progress with the refocus of our activities following divestments from emerging markets and the shift of emphasis in AAA markets. In the United States, we renewed five old contracts and signed a new flagship technology contract with CAMELOT for the Illinois State Lottery. In Greece, we extended our cooperation with our oldest client, OPAP, in numerical games.”
“Last but not least we made major investments in the development of new products such as a next-generation omnichannel sportsbook and the completion of the acquisition of Bit8, the company that designed our CRM product suite, PULSE. In spite of one-off refinancing costs and significant Forex headwinds, our improved cash flows reflect reductions of interest costs as a result of previous rounds of refinancing,” he also said.
