Intralot gross profits up 29.9% in Q3 2017

al gaming giant Intralot has reported a significant 29.9% increase in its year-on-year gross profits for the third quarter of 2017.

In its third financial filing of the year, the company reported gross profits of €63.8m, beating the €49.1m figure achieved during the third quarter of 2016.

Intralot posted group revenues of €352.7m in Q3 2017, rising by 10% from the €320.6m reported during the corresponding period of 2016. Its EBITDA figure also rose year-on-year during the period, increasing 27.8% to €45.1m from its previous high of €35.3m.

Company earnings before taxation also grew year-on-year from a €1.3m loss in the third quarter of 2016 to a profit of €10.3m during the corresponding period of 2017.

In a statement accompanying the results, Intralot Group CEO Antonios Kerastaris commented: “Financial results for the 9M2017 demonstrate steady progress in all three strategic goals set by the company, namely gains in operational performance, the implementation of M&A strategies to improve the profitability of our offering mix while facilitating investments in new products and projects, and Financial Profile Restructuring to secure long-term visibility.”

Intralot Group recently completed its takeover of Maltese gaming technology company Bit8, purchasing an additional 65% stake in the business to complement the 35% share that it purchased in 2015.

In September 2017, Intralot completed a €500m bond offering of 7-year Senior Notes which are due for repayment in 2024 at an interest rate of 5.25%, a move which marked the end of a three-year period in which the company restructured its long-term debts.

2017 has also seen the signing of extensions to its existing lottery contracts with the US states of Ohio and Vermont, moves which have been valued at $5m and $71m respectively.