Intralot H1 revenues jump 26%
Revenues soar by 188m while recent company restructure helps cash flow increase 16%
Greek gaming and sports betting supplier Intralot has posted a 26% year-on-year increase in revenues for H1 2014 after enjoying significant growth in its Western European operations.
Total revenues for the six months ended 30 June 2014 amounted to 905.5m, up by 188.3m on the previous year, with 65% (123m) of that increase having emanated from increased business in Western Europe.
Despite the hike in revenues, EDITDA decreased by 8% to 89.5m, however the company said this figure would have remained flat had it not been for negative FX headwinds costing 8.6m.
Although Intralot did not separate its online and retail KPIs, it did reveal sports betting provided exactly half of all Group revenues, followed by numerical games on 29%, machines on 10% and IT products and services on 8%.
The operator said cash flow from operations rose 16% year-on-year to 32.5m with the rise said to have been as a result of “operational efficiencies” which in March saw the company divide its business into four separate divisions.
Intralot Group CEO Constantinos Antonopoulos said the company’s results were largely down to a number of contract extensions across the globe and its “strategy to capitalize on our presence in existing jurisdictions”.
The Group’s debt declined marginally to 401.1m from 407.5m while it was revealed to have taken out a new three-year 200m syndicated loan facility with a consortium of banks with the option to extend a further year.
Earlier this year Intralot was selected to overhaul Ireland’s National Lottery mobile and online products while in Italy it recently launched its first mobile sports betting product.