Intralot CEO hails ‘strong’ performance as EBITDA rises in Q1

Antonios Kerastaris, chief executive of Intralot, has cited the ongoing impact of the company’s “operational model evolution” and the alignment of its portfolio offering with market trends as the main reasons behind year-on-year financial growth during the three months to March 31.

Including the company’s operations in Italy, revenue remained steady at €499.5 million ($660.7 million), although without this sector of the business, revenue was down 3.6% year-on-year to €335.2 million.

Earnings before interest, tax, depreciation and amortisation (EBITDA) including Italy was up 11.5% year-on-year to €51.5 million, while this figure without Italy climbed 5.6% to €47.2 million.

Intralot’s EBITDA margin with Italy stood at 10.3%, up from 9.2% in the opening quarter of last year, although this stood at 14.1% without Italy.

Gross profit without Italy came in at €65.1 million, 3.8% down on the previous year, while the firm did not provide results for the business including Italy.

The reason for including results with and without Italy is that Intralot merged its Italian activities with those of Gamenet in March.

Intralot also noted that it was able to achieve net debt stabilisation for a second consecutive quarter.

“Intralot’s strong financial performance in 1Q16, despite strong FX headwind, confirms that our operational model evolution and the alignment of our portfolio offering with market trends generates measurable results,” Kerastaris said.

“Our strategy for growth through local partnerships in new and existing markets is guided by expanding and diversifying our portfolio with complementary products and market share.

“Additionally, our unique understanding of traditional industry verticals such as lottery and betting retail as both technology provider and operator drives our new product roadmap towards a universal customer experience.”

Related article: Intralot to merge Italian operations with Gamenet