Intralot hails Sokratis streamline as business tracks YTD earnings of €57m
Intralot SA cites confidence in achieving its 2021 financial objectives, as the group’s trading benefits from a reorganised structure supporting an all-unit business recovery.
Publishing its nine-month 2021 trading report, Intralot has registered group year-to-date revenues of €303 million, up 24% on 2020 YTD comparatives of €243 million.
The Athens-listed technology group cited that top-line growth was driven by a €26 million Q3 revenue uplift of its Licensed B2C Operations. Unit performance was boosted by the return of favourable post-pandemic market conditions in Malta (+30%) and Argentina (+64%).
Period trading benefitted from a continued growth of B2B Technology and Support Services within North America, as the Intralot INC unit recorded a €21.5 million (+23%) uplift in revenues as US contracts reported higher sales as customers chased significant jackpots.
Supporting the firm’s recovery, Intralot highlighted the improved performance of its Bilyoner managed contract, as the Turkish sportsbook contract registered a Q3 revenue uplift of €6.8 million – despite Turkish Lira being significantly impaired (-28%) against the Euro.
Providing a nine-month breakdown of expenses – Intralot detailed that group-wide operating costs had been maintained at €68 million, higher than projected by its cost savings initiative as a result of Bilyoner and Croatian ‘new contract’ expenses.
To date, Intralot’s nine-month EBITDA stands at €83 million, reflecting an 82% increase on 2020 comparatives of €45 million.
Underscoring its continued recovery, the firm highlighted how operating cash flow from operations had increased to €84 million (YTD2020: €24m), helping Intralot declare YTD earnings of €56.8 million, reversing comparative 2020 losses of €53 million.
“The nine-month results reflect the continuing strong operational performance combined with the positive impact of the capital structure optimisation agreement achieved in the beginning of August,” noted Chairman & CEO Sokratis P Kokkalis.
“The robust improvement in the cash flow generation and high EBITDA margins enhanced by reduced future debt servicing costs, highlight Intralot’s strengthened overall financial profile and prospects to pursue new opportunities for growth through strategic partnerships.”