Athens-listed gambling group OPAP SA has published its full-year 2018 results, detailing a transformative year for its business, undertaking a number of critical upgrades and refinancing its operating structures.
“2018 marked the 60th anniversary of OPAP’s foundation and the entire OPAP team is proud of what was achieved in this historic year. We successfully delivered all of our key business objectives including our complex technology transformation and the move to a new, mutually beneficial relationship with our agents.”
“The quality of our retail network further improved with over 500 new shops opened and a total of more than 6,000 SSBTs now operational across our networks in Greece & Cyprus” OPAP Group Chief Executive Damian Cope commented.
Despite recording flat group wagers at €4.3 billion, OPAP governance cites that a number of retail/VLT improvements have helped the company secure FY2018 group revenues of €1.55 billion (FY2017: €1.44bn).
Marked as a corporate highlight, during the course 2018, OPAP was able to deliver a number VLT and systems upgrades, whilst maintaining operating expenses at €289 million (FY2017: €286m).
Reporting metric and KPI gains across its retail network, OPAP closes 2018, records a 15% increase in group EBITDA to €353 million (FY2017: €306m) – with governance declaring group FY2018 profits of €143 million (FY2017: €126m).
Aiding its future directives, in 2018 OPAP governance restructured its corporate debt capacity, refinancing the operating units of Horse Races SA and the Hellenic Lotteries.
Further boosting its digital footprint, this January OPAP moved to acquire outright joint-venture Stoiximan Group from partner GLI Interactive for €95 million
“Throughout all our activities we continue to maintain both our overall cost discipline and our focus on operating as a responsible corporate citizen. This is reflected in the WLA Level 4 certification of our responsible gaming approach and via our sustained commitment to many, diverse CSR activities.
Finally, I would like to once again express my sincere gratitude to all members of the wider OPAP team, including our agents, partners, suppliers and other supporters, for all of their hard work, determination and support during our transformational year in 2018. Thanks to this collective effort we remain well placed to deliver another positive year in 2019, the next step in the delivery of our 2020 Vision.” Damian Cope stated closing 2018 trading.