Intralot announces revenue rise alongside drop in profits

Revenue rose 3.3% year-on-year to €1.91bn, boosted in particular by a “strong performance” in Jamaica, Argentina and Peru.

The increase was equivalent to 4.2% on a like-for-like basis, excluding discontinued businesses.

Sports betting contributed 47.2% of revenue, followed by numerical games with 31.3%, VLTs/AWPs with 11.1%, technology contracts with 7.6% and racing with 2.8%.

Gross profit fell 3.2% to €261.6m, while EBITDA increased 1% to €177.2m, or 13.6% on a like-for-like basis.

EBT fell 29.5% to €25.7m, negatively affected by an increase in depreciation of €10.9m and an increase in FX of €6.9m, partially counterbalanced by a net interest expense improvement of €7.7m.

On a like-for-like basis, yearly EBT was €18.8m, up from €-1.0m in 2014.

The firm announced EAT of €-65.1m, compared with €-49.5m in 2014.

On a like-for-like basis, yearly EAT was €-73.9m, compared with €-79.2m in 2014.

Net Debt as of 31 December 2015 was €477.6m, up from €381.4m on 31 December 2014.

For Q4 2015, revenue improved 2.2% to €535m, equivalent to 5.5% on a like-for-like basis, driven by the firm’s performance in Italy, Jamaica, Bulgaria and Argentina, which was partially offset by results in Greece, Australia, USA and Brazil.

Gross profit suffered a 6.3% downturn to €71.9m, while EBITDA improved 3.5% to €45.3m, or 8% on a like-for-like basis.

EBT was down 16.3% to €7.8m, while EAT was reported as €-14.7m, compared with €-17.5m in Q4 2014.

On a like-for-like basis, EAT was €-20.4m, compared with €-23.0m in Q4 2014.

“Intralot’s financial performance in 2015 confirms our resilience and growth potential in challenging times, marked by sustainable revenue and EBITDA, along with positive free cash flow in the last quarter of the year,” said Group CEO Antonios Kerastaris.

“Going forward we expect accelerating revenue and EBITDA growth, propelled by a healthy pipeline of new contracts coupled by an operating model that focuses on cash flow generation through a rationalisation of our cost base and balance sheet structure.

“Overall, we remain committed to transforming Intralot from a project-based company to a products and services gaming specialist.”

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Gareth Bracken

Journalist

Gareth Bracken is an experienced gaming journalist and editor who spent more than six years with Players Publishing, progressing through a range of senior editorial roles across its flagship titles, including Gambling Insider. He joined the company in 2010 as an Editorial Assistant before advancing to Staff Writer, Senior Staff Writer, Editor, and later Senior Features Writer.

Between 2011 and 2016, Gareth played a central role in shaping editorial output across print and digital platforms, producing in-depth features, news coverage and long-form analysis on the global gambling and iGaming industries. As Editor from September 2014 to October 2015, he oversaw content strategy, editorial standards and production workflows, helping guide the publication’s development as a leading B2B industry voice.

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