Intralot continues unit turnaround benefitting from leaner global profile
Intralot SPA reports a significant improvement in trading, delivering growth across all business units as the Athens listed gambling technology group moves to advance its US market profile.
Publishing its H1 2021 trading results (period ending 30 June), Intralot achieved group revenues of €202 million, up 34% on corresponding 2020 results of €150 million.
Revenue growth was attributed to Intralot’s resurgent Americas business segment that recorded a 33% increase in revenues to €106 million (H12020: €80m).
Period highlights saw US technology contracts grow in income by €15 million (+24%) – as the Intralot INC subsidiary benefited from clients promoting ‘a significant jackpot in January 2021 and higher merchandise sales’.
COVID-19 winter headwinds saw Intralot maintain stagnant European market revenues of €77 million. However, the group achieved improved income results for its licensed operations in Malta (+€15m) and its Turkish Bilyoner (+€6.5m) contract.
A lighter Intralot fully discontinued its Brazil and Bulgaria subsidiaries, helping the company achieve operating cash flow of €51 million.
H1 EBITDA amounted to €54 million, up 106% on corresponding 2020 results of €26 million, which the firm stated was ‘boosted by the very strong growth of our US operations’.
“Intralot’s strong performance continued into the second quarter of 2021, resulting in 106.5% growth of EBITDA in the first six months of 2021 and 34.4% growth in revenue.” – commented Group Chairman Sokratis P. Kokkalis.
“These financial results, in combination with the completion of Intralot’s debt restructuring in the beginning of August, set the Company in a stable course to fulfill its potential in its key markets, build new partnerships, and tap on new opportunities under its new, significantly deleveraged capital structure, with a leaner operating model.”
Concluding H1 trading, Intralot had secured a final arrangement on a debt-note capital restructure €250 million – with funds available to drive the North American expansion of Intralot’s INC subsidiary.