Greek gaming and lottery supplier Intralot reported a 29,2% increase in earnings before interest tax depreciation, or amortization (EBITDA), in the first quarter of 2023, to EUR33.7m. (PS29.1m/$36.1), as it continues to recover from the Covid-19 epidemic.
Intralot reported its progress during Q1, including the return of profitability, continued earnings growth, and the reduction of the debt-to-EBITDA ratio for the company to 3.6x. The Covid-19 pandemic caused the company to incur significant debt.
Business attributed the EBITDA increase to “strong growth in their US operations” as well as improved performance in Turkey.
Sokratis Kokkalis, chief executive and chairman of Intralot said that the results “provided additional momentum to Intralot’s successful turnaround as a result our constant efforts over the last few years”.
Kokkalis outlined the plans of future growth for his company.
He said: “With strong financials and the new capabilities provided by next-generation solutions for digital lottery transformation in the online and retail world, we are looking forward to addressing the upcoming maturities. We will also be improving our capital structures and implementing a plan that is ambitious for achieving sustainable and high growth rates in key markets in the US, and around the globe, thereby creating value for stakeholders.”
Intralot results Q1
For the period ending March 31, the business generated EUR83.4m, an increase of 4.5% over the EUR79.8m recorded during the same time last year. The business saw its turnover fall 8.4%, to EUR89.5m.
The business’s other verticals, including sports betting (17.5%), Video Lottery Terminals (12.5%), and IT Products and Services (9.5%), remained relatively small.
Intralot stated that 87.5% revenue came from providing its services to businesses and governments. Gambling services accounted for 12.5% of the company’s revenue.
Operational expenditures for the business were EUR22.7m in Q1 2019, up by 3.9% from EUR21.8m recorded during the first quarter of 2022.
The business earned EUR3.1m after paying taxes to the government.
Intralot’s debt as of 31 March was EUR471.6m, down from EUR500.6m recorded during the previous period.
