rnational iGaming provider Intralot has reported a 20.6% increase in its year-on-year revenue for the first quarter of 2017.

In an announcement to its investors, Intralot reported worldwide revenue of €367.9m for the first four months of 2017, up from €305m in the corresponding period last year.

The company reported that its European revenue increased by €32.1m, thanks to strong sales in Bulgaria and Poland and also reported additional revenue growth of €16.5m in its American operations.

Gross profit jumped 7.3% from €58.9m in Q1 2016 to €63.2m for the first three months of 2017.

In an accompanying statement, Intralot Chief Executive Antonios Kerastaris said: “Robust revenue growth and improved profits registered in Q1 2017 are driven by our strategic decisions to focus on key markets as well as products & services portfolio diversification.

"All the transformational initiatives undertaken over the last two years are depicted both at profit and cash-flow levels, considerably improved from a year ago. With a significantly improved financial structure and operational performance, we are also reaping the fruits of lower debt servicing costs and enhancing our credit grade outlook by rating agencies that boost our confidence going forward.”