As the corporation reports a solid start to trading in 2021, Intralot SPA has high confidence in accomplishing its business recovery goals.
Intralot reported group revenues of €102 million in the first quarter of 2021 (period ending 31 March), up 9 percent over the same time in 2020 (€93 million).
‘Top line GGR driver’
The Athens-based gambling technology company cited the recovery of its lottery games inventory as the company’s “top line GGR driver,” accounting for 63 percent of total revenues.
Intralot’s three major business divisions of Licensed B2C Operations (+4 percent GGR), Managed B2B Services (+65 percent GGR), and Technology Systems (+4 percent GGR) all saw top line GGR increase in Q1.
Intralot’s licenced B2C activities delivered growth throughout its Malta contracts (+€2.8m), balancing continuing FX headwinds in the markets of Brazil and Argentina, according to a breakdown of unit performance.
Meanwhile, the company’s Managed B2B Services saw a €5.3 million increase in revenue. It was fuelled by the expansion of its Turkish Bilyoner contract, which benefited from an uptick in sports betting activity, which resulted in improved operating margins.
Intralot’s Technology Systems unit saw a €2.1 million increase in revenue, thanks to US lottery agreements that offset COVID-19-related performance declines in the Netherlands (-€1 million) and Australia (-€1 million).
Intralot’s better unit performance resulted in a period EBITDA of €24.5 million, up 55 percent from €15.7 million in 2020.
Period net loss
Intralot also reduced its period net losses to €7.3 million, a 58 percent improvement over the similar loss of €17 million in Q1 2020.
Intralot updated investors by stating that the business would continue to operate on a tight cost management basis, with COVID-19 costs hovering around €1.5 million of group EBITDA.
Intralot Chairman Sokratis P. Kokkalis said: “First quarter results show strong Revenue and EBITDA growth, driven by robust operational performance and successful implementation of cost containment measures while maintaining a strong cash position.
“At the same time, we continue to sharpen our focus on strategic markets with higher margins, launch new operations, such as Croatia, and roll out our new product portfolio, overall pointing to a very healthy operational performance for 2021.”