Coronavirus: Intralot predicts €25-30m reduction in annual EBITDA
Intralot has provided a business update in response to the COVID-19 pandemic and its financial impact on the company.
Since March, the lottery and gaming solutions provider has utilised technology to enable about 80% of its workforce to work remotely.
As a result of this, Intralot expects some delays in the development of products and the production of new hardware equipment in Asia.
The company predicts that the impact of the crisis on group gross gaming revenue will peak in April and May and will gradually return to regular figures by November or December.
Intralot’s figures in the US are reportedly showing “a high degree of resilience” but the lack of sports betting has had an impact on revenue streams.
In evaluating available data from March and April, the supplier predicts that 2020 EBITDA will be reduced by around €25-30m ($26.9-32.3m) as a result of the crisis.
Intralot has retained Evercore Partners and Allen and Overy as financial and legal advisors, to “review and implement strategic alternatives for the business.”
This will include “assessing all available financial and strategic options” to optimise the company’s capital structure.
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