New product & project delivery aids Intralot 2016 revenues, but investment hinders group earnings

intralot
Antonios Kerastaris

Presenting its Q3 2016 trading update (period ending 30 September), the governance of Athens-listed gambling systems provider Intralot has stated that the company is beginning to reap the benefit of its new products and projects.

Intralot governance pointed to the firm’s marked improvement in group turnover, which had seen it post a 16% increase in Q3 2016 revenues to €320 million (Q3 2015: €276 million).

Its strong revenue performance is reflected in its year-to-date group revenues which have maintained a 7% uplift to €957 million (YTD 2015: €895 million).

Throughout 2016, Intralot has upgraded and installed new systems and provisions within a number of its key international clients. Products and services delivered include; new self-service terminals (SST), customer management systems, native mobile applications and enhanced remote gaming servers.

Nevertheless, Intralot’s focus on product delivery during 2016 has seen the company impacted by increased project costs which have been reflected in its EBITDA performance. The company reported a 14% decrease in EBITDA to €35 million (Q3 2015: €40.9 million).

Intralot’s YTD earnings have grown at a moderate 2% with the company posting an EBITDA €124 million (YTD 2015: €121 million).

Commenting on the 3Q 2016 Results INTRALOT Group CEO Antonios Kerastaris noted:

“INTRALOT Q3 was marked by aggressive organic revenue growth, as a result of the company strategy for launching new products and services and reaping fruits of new projects”.

“Recent milestone developments of a successful early refinancing of a €250m bond in September with significantly better terms that lead to cumulative savings of up to €65m savings in debt-servicing costs and extension of maturities to 2021 combined with the collection of USD 68.7m in cash from the disposal of 80% of our operation in Peru have drastically improved our financial position and capacity to meet our targets of significantly reduced net debt and improved cash position by the end of 2016.”

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