Intralot revenue jumps 20% in 1Q2017

International gaming solutions and operations company, Intralot, released its financial results for the first quarter of the year.

Greece.- Intralot released its its financial results for the three month period ending March 31 2017 prepared in accordance with the International Financial Reporting Standard (IFRS). According to the company’s report, its revenue jumped 20.6 percent to €367.9 million year-on-year as its EBITDA also grew by 4.3 percent to €46.5 million in comparison to last year’s first quarter.

Revenue’s peak was atributed to increases in several regions: Europe contributed with €32.1 million, mainly due to increased sales in Bulgaria and Poland; North and South America reported €16.5 million more than last year, with the increase driven by Jamaican’s top line performance and the start of Intralot’s new contract in Chile; and €14.3 million from other regions, powered mainly by Azerbaijan’s strong performance.

Besise, Cash Flow improved by 71.7 percent since last year’s period and gross profit jumped 7.3 percent year-on-year to €63.2 million. Furthermore, on April, S&P Global Ratings affirmed Intralot’s “B” ratings on solid operating performance retaining the “stable” outlook. And this month, Fitch Ratings not only affirmed the company’s Long-Term Issuer Default Ratind (IDR) at B+ but also revised its Outlook from “negative” to “stable”.

Intralot CEO Antonios Kerastaris said: “Robust revenue growth and improved profits registered in Q1 are driven by our strategic decisions to focus on key markets as well as products and services portfolio diversification. All the transformational initiatives undertaken over the last two years are depicted both at profit and cash-flow levels, considerably improved from a year ago. With a significantly improved financial structure and operational performance, we are also reaping the fruits of lower debt servicing costs and enhancing our credit grade outlook by rating agencies that boost our confidence going forward.”