Greek-owned gaming and lottery operator Intralot has confirmed a strong start to the year by posting further revenue growth in its latest interim results.
The company recorded consolidated revenues of €905.5 million ($1.2 billion) during the first half of 2014, a year-on-year increase of 26.3% on the €717.2 million achieved in the corresponding period in 2013.
The growth in revenue comes after Intralot said that it had experienced a ‘robust’ start to the year during the first quarter, in which the firm reported a 25.3% year-on-year increase in revenue.
Despite the jump in revenue, Intralot reported that earnings before interest, tax, depreciation and amortisation in the first six months of the year totalled €89.5 million, compared to €97.7 million in the first half of the previous year.
However, due to various operational efficiencies currently being deployed by Intralot, the operator reported that cash flow from operations reached €32.5 million in the first half of 2014, which is up 16% in comparison with the same period last year.
Constantinos Antonopoulos, chief executive officer of Intralot, said: “As we have completed the first half of the FY 2014 period, we are very satisfied to have extended the duration of five of our existing contracts in North America, Australia and Asia and added a new major contract in the US.
“As we have mentioned in the recent past, these developments follow on the steps of our strategy to capitalise on our presence in existing jurisdictions.
“From a financial stand point, the group posted in the second quarter a significant growth in operating cash-flow generation and a decrease of its net debt.
“Furthermore, the refinancing of our syndicated loan extended the Group’s debt maturities as we have no refinancing issues for at least the next three years, confirming the banking sector’s trust and support towards our strategy and business outlook.”
source : www.igamingbusiness.com