Intralot Group’s new strategic vision was presented to investors by Chairman and CEO Sokratis Kokkalis at the firm’s Annual General Meeting (AGM) on June 29.
The technology group’s business priority is, he told investors, to bolster and accelerate all its North American units, services and customer contracts.
Kokkalis also commented on better than anticipated results for its 2021 trading, despite ongoing COVID-19 challenges. The CEO noted that there had been a much-needed period of trading stability following significant year-on-year transitions for the company, which had been affected by the loss of its main technology contract in Turkey.
He told investors: “Group’s results for the first quarter were extremely good and we expect that the results for the second quarter will be just as good and according to the business plan, providing us the opportunity to strengthen its position in strategic markets through the utilization of our technology and experience in the gaming industry.”
Underlining the continued transformation of the firm, Kokkalis confirmed that Intralot had re-negotiated its fiscal duties, transferring its 2021 unsecured debt payments to a 2024 lock-up agreement.
The firm has also secured a new loan facility arrangement worth €147.6m ($175.46m) to support its liquidity to fund North American projects.
The firm further noted that its financing will be safeguarded as “participation limits will be reached for the agreement with bondholders to be executed in a consensual manner, without recoursing to court proceedings”.
Q1 trading results outlined the company’s North America ‘Intralot Inc’ unit as the technology group’s new top-line growth driver, achieving an 81% upturn in EBITDA, significantly outpacing its established European performance.
The CEO concluded: “Our main priority is now our subsidiary in North America, which has brought the best results to the group and participates in its debt restructuring, as well as the exploitation of opportunities in other developed markets where the group has comparative advantages leveraging in our experience and new product portfolio.
“Finally, I would like to thank our employees and all partners for their resilience and perseverance, in order to reach an agreement with the bond holders.”