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Intralot posts 3% H1 growth but still harbouring €508.7m debt

Intralot has announced the results of its H1 report, which saw the gambling company post an annual 3% revenue increase for H1 2022.

intralot h1 2022 results gambling insider web image

The report shows Intralot made total gross revenue of €168.5m ($168.8m) for H1 2022, up €4.6m on last year. Meanwhile, EBITDA also increased by 1% to €55.1m in 2022.

Breaking it down further, Intralot’s 2022 Q2 showed an annual revenue growth of 4%, totalling €88.7m on €85.1m for the year prior.

So far in 2022, the main source of revenue has been driven by lottery games and sports betting divisions, which accounted for 64.1% and 15.7% of the total H1 revenue for this year.

However, despite the positives, Intralot still has a net debt of €508.7m and its operating cash flow fell 19.2% to €41.4m. Furthermore, the report also showed a revenue drop in the US market of €5.9m, down 7% on last year, something Intralot says was boosted by a large jackpot in Q1 2021 – as well as higher merchandise sales.

Overall, the report is steady for the Greek gambling company, which has shown steady growth over the last year in its H1 and Q2 results – in spite of losses in the US.

Commenting on the financial results, Intralot Chairman & CEO Sokratis P. Kokkalis said: “Intralot has recently completed a series of strategic transactions that included a Share Capital Increase of €129m with the participation of a new cornerstone investor, the gaining of control of 100% of Intralot Inc. in the US, and the refinancing of $254m of Notes issued by Intralot Inc. via a new Term Loan and RCF.

"These events in combination with continuing strong performance as reflected in the first half results put Intralot in a stable course to tap new strategic opportunities in developed markets.”

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