Intralot hails financial ‘turning point’ in first half | iGaming Business

Intralot hails financial ‘turning point’ in first half | iGaming Business

Intralot has said that its financial performance during the six months to June 30 represents a “turning point” for the company.

Revenue in the first half came in at €733.2m ($872.4m), which represents an increase of 15.1% in the €636.9m posted in the same period last year.

Gross profit hiked 6.5% year-on-year to €127m and earnings before interest, tax, depreciation and amortisation climbed 2.6% to €92.2m, although with a lower margin of 12.6%.

Earnings before tax at the company also jumped 31% from €20.3m to €26.6m, with a higher margin of 3.6%.

Intralot reported that net debt after the first six months of the year now stands at €516.8m, up €21.6m on last year, after its decision to invest in software and the Eurobet acquisition.

Antonios Kerastaris, chief executive of Intralot, said: “Results for the first half of 2017, announced today, make it clear that this year represents a turning point for Intralot’s financial performance.

“Continued double-digit revenue growth and profitability improvements are directly linked to reforms implemented in the previous year and more specifically to our M&A and partnership strategy.

“Significant progress and strong trust from our clients have registered in mature and very competitive markets such as the United States.

“The company’s ability to renew in a competitive market such as the US, on top of its historical renewal track record, creates fresh confidence for the extension of all contracts maturing in the next year.”

Source: Intralot hails financial ‘turning point’ in first half | iGaming Business