Greek-owned gaming and lottery provider Intralot has cited the success of its new and existing operations in various regions around the world as the main reason behind a significant year-on-year jump in revenue during the three quarters to September 30.
The firm posted consolidated revenue of €1.3 billion ($1.6 billion) in the first nine months of the year, an increase of 23.1% or €249.5 million on the same period last year.
However, despite strong revenue growth, Intralot saw earnings before interest, tax, depreciation and amortisation (EBITDA) drop 8.2% to €131.7 million, while earnings before interest and tax fell 32.1% to €27.3 million.
Cash flow remained relatively level at €45.1 million while net debt amounted to €401.3 million, which is approximately the same level it stood at after the first half of the year.
Constantinos Antonopoulos, chief executive officer of Intralot, said: “In the first nine months of 2014, major existing projects in the US, Australia and Asia were extended and new ones are being successfully implemented.
“While the gaming industry undergoes consolidation, Intralot keeps focusing strongly on the lottery sector, its technological superiority and organic growth as we have done over the past years.
“The group is making great technological leaps in order to offer innovative products and services to its customers, both on a B2B and a B2C basis.
“Moreover, we are in the process of taking actions in certain projects around the world in order to improve the group’s financial performance in the near future.
“From a financial stand point, the group continued to grow its sales, maintained its EBITDA profit before any foreign exchange impact and stabilised its net debt position.”
source : www.igamingbusiness.com