Both the investors and the Hellenic Capital Market Commission have updated Intralot SPA on further steps taken to reduce the company’s exposure to COVID-19 impacts, which have impeded the Group’s commercial pipeline and financial results.
Intralot forecasts, as it stands, that the effect of Covid on its full-year 2020 accounts would bear group-wide EBITDA-level costs of EUR 25-28 million.
The Athens-listed supplier of gaming technologies and lottery systems reported that the company had accessed all possible government steps to ‘alleviate the impact of the pandemic’ beyond safeguarding top-line metrics.
Intralot subsidiaries have applied for ‘applicable governmental support programs’ related to employee furloughs and financial aid in all operating markets.
As corporate revenues decreased by 55 percent to EUR 168 million, Intralot’s H1 2020 interim statement tracked corporate losses for 2020 at EUR 43 million. Covid’s constraints across the supply chain and the sudden cancellation of its Eurobet Bulgaria sportsbook contract haemorrhaged group results.
In order to eliminate corporate expenses, Intralot has advised all operating units for the period of 2020 to amend existing supplier terms and reduce staff-related costs.
Intralot has temporarily halted all planned investments amounting to up to EUR 12 million for further cost-saving steps.
Trading in November saw the founder and chairman of the firm, Sokratis Kokkalis, reinstated as Group CEO immediately, replacing Christos K. Dimitriadis as the corporate chief.
Intralot told investors that Dimitriadis, who had served less than six months as Group CEO, had shifted to a new strategic position to drive growth in the US.