The international gaming solution firm Intralot has published its financial results for H1 of FY2021, revealing it has maintained growth across the group following ‘continued growth in lottery operations’ in the US.
For the period ending June 30, the company posted 34.4% sales growth year-on-year as total revenue reached €202.6m.
Lottery sales were the biggest earner for Intralot, comprising 59.5% of total revenue, followed by sports betting at 18.3%. Technology contracts made up 12.2%, VLTs represented 9.5%, while Racing constituted 0.5%.
The firm attributes its growth for the period to ‘the strong momentum of the US operations, mainly driven by the continued growth in our lottery operations, further boosted by a significant jackpot in January 2021 and higher merchandise sales in the current period.’
GGR for the period also experienced growth, having improved by 28.5% up to €163.9m. The increase in non-payout GGR allowed total GGR to grow as well as ‘improved operations’ in the US.
As a result, EBITDA for the period increased by 106.5% to €54.3m, owing to strengthened US performance and cutting down costs in the Moroccan market alongside sustained sales growth.
Significant one-off costs rose from the launch of a new project in Croatia and rising costs in Malta prohibited further EBITDA improvement, however, Intralot expects costs to decrease going forward.
Furthermore, the debt restructuring announced at the beginning of August allowed the company to deleverage €163m over the next three years, resulting in a more favourable cash flow.
Chairman & CEO, Sokratis P Kokkalis, commented: “Intralot’s strong performance continued into the second quarter of 2021, resulting in 106.5% growth of EBITDA in the first six months of 2021 and 34.4% growth in revenue.
“These financial results, in combination with the completion of Intralot’s debt restructuring in the beginning of August, set the company in a stable course to fulfil its potential in its key markets, build new partnerships, and tap on new opportunities under its new, significantly deleveraged capital structure, with a leaner operating model.”
