INTRALOT sees major turnover drop during 1Q20

During the first three months of the year, INTRALOT reported a 47.1% turnover drop across its operations to €102 million as B2C operations nosedived.

Greece.- INTRALO Group shared its financial results for the first quarter of 2020 and reported major losses for the period. During the first three months of 2020, Intralot’s B2C operations plunged 65.1% and dragged turnover down 47.1%. The figure barely reached €102 million, with the Americas posting €49.6 million and Europe dropping 66.6% to €46.6 million.

Gross gaming revenue (GGR) also plunged 29.5% to €76.9 million. Moreover, Intralot revealed the group’s EBITDA fell  by 50.3% to €15.8 million, while adjusted EBITDA stood at €13.7 million (-42.4%).

Still, not every figure was negative, as INTRALOT systems handled €3.7b of worldwide wagers (5.9% up year-on-year).

INTRALOT Group chief executive Christos K. Dimitriadis said he remains confident about the long term. He also said it will be built around a new strategy focused on five pillars: digital technology, an advanced service delivery model, partnerships for B2C Licenses, growth in key jurisdictions, and optimisation of capital structure.

“During the first quarter of the year, we have kept witnessing an increase in the handled wagers and an improvement of the performance of technology contracts in North America, demonstrating the dynamics of the region,” Dimitriadis said. “Group revenue and EBITDA were mainly impacted by the regulatory changes in Bulgaria, the developments in Turkey and the impact of the pandemic in non-US jurisdictions.

“Going forward, we expect that our new strategy, as presented during the AGM and as already being implemented, will return the company to growth.”