‘Steady’ progress for Intralot as key financials rise

Intralot has reported double-digit, year-on-year revenue and profit growth for the three months to September 30.

Revenue in the third quarter amounted to €352.7m ($420.5m), up 10% on the €320.6m achieved in the corresponding period last year.

Gross profit was also up 29.9% year-on-year to €63.8m, while earnings before interest, tax, depreciation and amortisation (EBITDA) hiked 27.8% to €45.1m, with an increased margin of 12.8%.

Earnings before tax also climbed from a loss of €1.3m in Q3 of 2016 to a positive of €10.9m, with a higher margin of 3.1%.

As a result, Intralot is now some way ahead of where it was at the same point last year, in terms of its year-to-date performance.

Revenue for the nine months to September 30 totalled €1.09bn, 13.4% up on last year, while gross profit jumped 13.4% to €190.8m.

EBITDA was up 10.5% to €137.3m, with a slightly lower margin of 12.6%, while earnings before tax increased to €37.6m, with an improved margin of 3.5%.

Antonios Kerastaris, group chief executive at Intralot, said: “Financial results for the nine months 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’s market potential has been manifestly recognised by the success of a three-times oversubscribed €500m bond offering with seven-year maturity period in September 2017.

“This issue allowed Intralot to fully repay its syndicated loans to the Greek banking sector while the diverse mix of investors includes the majority of the highest calibre international investment houses and generates additional confidence and credibility for Intralot’s prospects.”

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