Intralot H1 results suffers decline

Athens-listed Intralot has reported an 8 per cent drop in revenue to €378.1m for the first half of 2019, with growth in the Americas offset by a decline in Europe and other territories.

Closing H1 2019 trading, Intralot board declared operating profits of €76 million, down 16 per cent on corresponding 2018’s €90 million, with the company posting a further EBITDA decline of 16 per cent to €59 million (€70m year before).

A breakdown of business activity sees Intralot’s licensed operations report a 10 per cent revenue decline to €229 million (€255m year before), which the technology group attributes to severe FX impacts felt in Argentina and a slowdown of sports betting wagers for its Eurobet Bulgaria subsidiary.

Intralot also reported an 8.5 per cent drop in management B2B/B2G contracts during the first half, primarily due to unfavourable exchanged rates in Turkey, as well as a discontinued contract in Russia and a drop in sales in Morocco.

Europe remained Intralot’s core market, with revenue standing at €240.7m for the period, although this is down by 12.6 per cent on last year, mainly due to the Bulgaria struggles. Americas revenue was up 1.6 per cent to €102.2m, but other regions saw revenue slip 5.0 per cent to €54.8m.

Sports betting was the main source of income for Intralot, accounting for 44.9 per cent of total revenue for the half, just ahead of a lottery with a 42.6 per cent share. Racing was responsible for the remaining 2.5 per cent of revenue.

“We are still absorbing the business impacts of last year’s negative developments, reflect improvement in operating cash flows and liquidity by successfully implementing our three-pillar strategy for operational improvements, new business, and non-core asset disposals,” said Intralot CEO Sokratis Kokkalis.

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