Greek-owned gaming and lottery provider Intralot is to set its sights on further expansion after it recorded significant year-on-year revenue growth in 2014.
Full-year consolidated revenue at the company totalled €1.9 billion ($2 billion), up 20.4% from the €1.5 billion achieved in the previous 12 months.
Cash flow from operations reached €95.4 million by the end of the year, up 17.3% on the total recorded at the end of 2013, while net debt dropped by €19.9 million in comparison with the nine-month period through to the end of September 2014.
However, Intralot did note that full-year earnings before interest, tax, depreciation and amortisation (EBITDA) fell by 10% in 2014 to €175.4 million while net profit after minorities came in at negative €49.5 million.
In addition, earnings before interest and tax slumped 28.4% year-on-year to €48.2 million.
Despite the losses, chief executive officer Antonios Kerastaris was keen to focus on revenue growth and said that Intralot will use this success to expand the business this year.
“In 2014, Intralot delivered a set of results that focused on cash flow generation leading to the improvement of its net debt position by €20 million, and at the same time growing its top line and maintaining almost unchanged its EBITDA on a constant currency basis,” Kerastaris said.
“As the gaming industry undergoes significant regulatory and technological changes, large scale mergers and a shift of focus towards the final consumer through a B2C model of operation, Intralot during 2014 proceeded to a reorganisation of its structure and strategy so as to better respond to the challenges of its sector.
“Under my direction, as the group’s new CEO, the company’s new strategy will focus on the expansion and strengthening of our product offering, the increasing importance of the end customer and the Customer Relations Management and the streamlining of the current business.
“Intralot is ready to lead the way in the new environment that is being shaped.”
source : www.igamingbusiness.com