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Financial

Intralot suffers considerable revenue fall for Q1 2020

Intralot suffered a steep fall in revenue for Q1 2020, with turnover dropping 47% year-on-year.

INTRALOT

Turnover was down to €102m ($115.6m), while gross gaming revenue (GGR) fell 30% to €76.9m. EBITDA also declined, decreasing by 50% to €15.8m.

The lottery and gaming solutions provider also recorded a 65% drop in turnover from licensed B2C operations. This was due to the discontinued contracts of Eurobet in Bulgaria from February and losing the rights to operate Turkey’s sports betting monopoly iddaa, as well as the impact of the coronavirus .

Worldwide wagers were up 6%, to €3.7bn, with Intralot's Eastern European handle rising 76%.

While operating cash flow from total operations fell 52% to €9.5m, total group cash was €7.4m higher than Q1 2019, at €142m. Net debt was €36.4m lower compared to 2019, down to €611.1m.

Intralot Group CEO Christos K. Dimitriadis said: "During the first quarter of the year, we have kept witnessing an increase in the handled wagers and an improvement in the performance of technology contracts in North America, demonstrating the dynamics of the region.

"Going forward, we expect our new strategy, as presented during the AGM and as already being implemented, will return the company to growth."

Earlier this month in its 2019 full-year results, Intralot saw revenue fall 8% yearly to €720.6m.

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