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NEWS 27 November 2018

Intralot reports nine-month EBITDA fall and Q3 losses

By Tim Poole

Intralot Group has announced a 1% year-year-on growth in revenue for the nine-month period ended 30 September, to €798.6m ($903.6m).

The supplier’s modest yearly rise accompanied a 7% fall in EBITDA to €114.9m, while sales EBITDA margins fell by one percentage point to 14% and gross gaming revenue EBITDA margins fell by two percentage points to 28%.

Operating cash flow halved to €60.3m, while net debt rose by 15% to €598.5m. However, net income after tax and minority interest from continuing operations improved by €11.7m to -€11m.

In Q3, meanwhile, Intralot’s net loss grew by 27% to €7.9m.

A forward-looking Intralot CEO Antonios Kerastaris said: "Intralot has successfully won new projects in the past two months, such as Lotto Hamburg and the Croatian Lottery, as well as extended its New Mexico contract in the US; in the latter case including approval for a new sports prognostics game, available through the entire retail footprint of the lottery.

"All these projects will apply new technological solutions developed by Intralot, reflecting the positive prospects created by our significant investments in the last two years. Such developments confirm our positive outlook after the current transition year according to our business plan."

Intralot's share price rose from €1 to €1.40 between last November and this February but has fallen to €0.53 since. It opened and closed at exactly the same value following Intralot's trading update.

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