Intralot estimates 2020 EBITDA to fall by up to €28m as result of pandemic
In its business update Intralot has estimated the impact of the coronavirus pandemic will reduce group EBITDA by between €25m ($29.8m) and €28m.
The Greek lottery and gaming solutions provider said the EBITDA reduction remains its best estimate, after first announcing a fall in the range of €25m to €30m in April.
Intralot said it will utilise all government support available to it including furlough schemes, and that the group has taken measures to contain operating expenses across its multiple jurisdictions.
The company is also in discussions with its clients to defer up to €12m of planned investments, as a result of turning its focus to improving liquidity.
The supplier touched upon the measures it has implemented to make sure it’s COVID secure, including around 70% of its employees continuing to work from home in Greece even after the first lockdown restrictions were lifted.
The pandemic has led to a tough year for Intralot. Earlier this month, Sokratis Kokkalis took over as group CEO, replacing Christos Dimitriadis, who will focus on the company’s US operations. Dimitriadis initially replaced Kokkalis as CEO this past March.
While in September, Intralot reported a 56% year-on-year decline in H1 revenue down to €168.2m, and a 64% decrease in Q2 revenue, which fell to €66.3m.
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