Intralot’s revenue grows despite unfavorable exchange rates
Intralot’s revenue and EBITDA profit increased by + 11.4% and + 12.1% respectively at constant exchange rates, compared with the first half of 2017.
During the first half of 2018, Group revenues increased by 2.4% compared to the same period of 2017. During this semester, the EBITDA profit decreased by 2.4% yoy.
The EBITDA margin fell by 0.8pps (to 14.6%) on revenue and by 0.9pps (to 29.1%) on GGR. EBIT reached € 32.5 million, an increase of 85.7% compared to the corresponding period of 2017.
The EBT margin rose by 2.6pps compared to the first half of 2017 (at 5.9%).
NIAMMI (Net Profit after Taxes and Minority Interest) from continuing operations improved by € 12.5 million, compared to the previous period, to € -3.1 million.
Operating Cash Flows during the first half of 2018 appear to have decreased by € -40.5 million compared to the previous year.
Net Debt amounted to € 572.5 million, recording an increase of € 61.8 million compared to Net Debt as at 31 December 2017. On July 2, 2018, INTRALOT announced the five-year renewal of its contract with the Lottery of New Hampshire.
Commenting on the six-month figures, Group Chief Executive Officer Antonis Kerastaris said: “In the first half of 2018, INTRALOT made great progress with its strategic goals: first, with the ongoing geographic redefinition and the change in Ebidta’s revenue and profit mix for low-risk markets, as evidenced by successive renewals and new contracts in the US, and secondly by installing next-generation solutions that will depreciate our significant investments in new products for digital transformation, reversing the associated significant cash-flow pressures and creating long-term value.
At the same time, we renewed our important contract for running the popular Iddaa sports betting game in Turkey, where we recorded a spectacular 31% revenue increase and 19% Ebitda profits in local currency prices in the first half of 2018, and we saw a large increase in assets of our data in Italy with the acquisition of Goldbet by Gamenet, which is now the largest betting provider with a combined market share of 17.7% of the Italian market. Our attention now focuses on the tremendous opportunities of the US sports betting market, after the federal ban was lifted last May, as well as a series of competitions to be announced in the near future in mature markets.
