‘Strong’ Q2 enables Intralot to post growth in first half

‘Strong’ Q2 enables Intralot to post growth in first halfAntonios Kerastaris, chief executive of Intralot, has said a “strong” performance by the firm during the second quarter of the year allowed it to post increased revenue during the six months through to June 30.

Consolidated revenue in the first half totalled €958.7 million ($1.1 billion), up 5.9% from €905.5 million in the same period last year.

Intralot also noted that despite earnings before interest, tax, depreciation and amortisation (EBITDA) falling 2.6% year-on-year to €87.2 million, on a like-for-like, continuing basis, this figure stood at €80.1 million, representing growth of 9.4%.

Elsewhere, earnings before tax dropped 12.7% to €17.6 million, while operating cash flow was also down to €8 million due to a negative working capital of €30.7 million.

Intralot also said that although revenue for its parent company was down 17.8% to €39.3 million in the first half, EBITDA increased by 114.1% to €34.3 million

Commenting on the results, Kerastaris said the company’s ongoing operational and financial discipline has led to a positive impact in key growth areas.

“In the second quarter of 2015 Intralot delivered a strong set of results as EBITDA grew by 8.4% compared to the same quarter of 2014, which also resulted in improved EBITDA margins, despite a tough comparison with Q2 2014 due to the gradual fall-off of the Romanian contract and the effect of the World Cup headwinds from a higher than usual payout continued in Q2 2015, albeit improved as compared to Q1 2015,” Kerastaris said.

“A comparison of the business excluding these exceptional items shows a strong growth in revenue across all our geographical segments.

“During the first half of the year we have renewed our contracts in the Netherlands, Morocco and Azerbaijan and continued the implementation of our strategic plan to streamline operations.

“Moreover, we proceeded to the acquisition of a strategic stake in Bit8, enriching further our products and services offering and enhancing customer experience.

“We implement our strategy with strong operational and financial discipline and are seeing positive impact in key growth areas.

“We remain focused on maximising shareholder value and customer satisfaction.”

source : www.igamingbusiness.com

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