Intralot SA is confident in achieving its 2021 financial objectives, as the group has reported trading benefits from a reorganized structure supporting an all-unit business recovery in its nine-month 2021 financial report.
For the nine months ending September 30, 2021, Intralot recorded group year-to-date revenues of $342.6m, up 24% on 2020 YTD comparatives of $274.8m.
The Athens-listed technology group noted that top-line growth was pushed by a $29.4m Q3 revenue uplift of its licensed B2C operations. Unit performance was supported by the return of favorable post-pandemic market conditions in Argentina (+64%) and Malta (+30%).
Intralot also profited from the continued growth of B2B technology and support services in North America, as the Intralot Inc unit posted a $24.3m (+23%) uplift in revenues with US contracts reporting greater sales as customers pursued large jackpots.
The firm highlighted the refined performance of its Bilyoner managed contract, as the Turkish sportsbook contract recorded a Q3 revenue uptick of $7.7m – despite Turkish Lira being significantly impaired (-28%) against the Euro.
Intralot detailed that group-wide operating costs had been sustained at $76.9m, higher than predicted by its cost savings initiative as a result of Bilyoner and Croatian ‘new contract’ expenses.
To date, Intralot’s nine-month EBITDA stands at $93.9m, an 82% improvement on 2020’s $50.8m with US operations generating the highest EBITDA contribution in the period.
Underscoring its continued recovery, the firm noted how operating cash flow from operations had risen to $94.9m (YTD2020: $27.1m), helping it declare YTD earnings of $64.2m, reversing 2020’s losses of $59.9m.
Chairman & CEO Sokratis P Kokkalis commented: “The nine-month results reflect the continuing strong operational performance combined with the positive impact of the capital structure optimization agreement achieved in the beginning of August.
“The robust improvement in the cash flow generation and high EBITDA margins enhanced by reduced future debt servicing costs, highlight Intralot’s strengthened overall financial profile and prospects to pursue new opportunities for growth through strategic partnerships.”