Intralot has published its first quarter financial results, recording a modest 0.1% year-on-year revenue increase.

For Q1, the company’s revenue rose to €97.7m ($105m), with lottery games maintaining their top spot as Intralot’s primary revenue contributor at 62%.

This was trailed by sports betting, which comprised roughly 19% of Intralot’s Q1 revenue, and video lottery terminals (VLTs) at 11.2%. Compared to the first quarter of 2021, all areas where down as a percentage of revenue, except VLTs, which grew from the 8.7% recorded last year.

EBITDA, meanwhile, increased 5% year-on-year to €26.1m, while gross profit fell by approximately 2% to €25.2m, but by and large, Intralot’s results remained fairly consistent on a year-over-year basis.

The company attributed its “steady top line performance” to a variety of factors, including higher B2C revenue in Argentina due to “local market growth,” but lower B2B revenue in the US due to a “non-recurrence of the jackpot that boosted 1Q21 sales.”

“First quarter results show a consolidation of gains and recovery from the Covid impact,” said Sokratis P. Kokkalis, Intralot Chairman and CEO.

He added that they “reflect an improved financial profile, with normalised revenues and a reduction in operational expenses and debt servicing costs consistent with the company’s business plan.”

Going forward, Kokkalis explained: “On the background of this strongly improved P/L and balance sheet, the company has designed and is about to launch a share capital increase by means of rights issue.”

For this, Kokkalis said Intralot has already “secured the commitment of Standard General Master Fund II LP as cornerstone investor for the unsubscribed rights.”