Greek gaming and lottery operator Intralot reported a strong start to 2014 with the first six months of the year seeing an increase of 26.3 per cent reaching €905.5m in the first half of 2014 compared to €717.2m in 1H13.
On a constant currency basis, net of a negative FX impact of €63.8m, revenues reached €969.3m, posting an increase of 35.1 per cent year-on-year in the first half of 2014. EBITDA in the first six months where shaped at €89.5m, compared to €97.7m in the same period in 2013. Net of a negative FX impact of €8.6m, EBITDA reached €98.1m in the first half of 2014, an increase of 0.4 per cent compared to the same period of 2013. EBT reached 20.2m from €25.7m in the first half of 2013 due to negative FX charges of €7.6m in 1H13 compared to positive of €3.0m in 1H13.
On a constant currency basis, net of a negative FX impact of €8.0m, EBT reached €28.2m, posting an increase of 9.9 per cent year-on-year in 1H14. EAT (after minorities) in 1H14 were shaped at -€24.1m.
Cash Flow from Operations reached €32.5m in the 6M 2014 period, posting an increase of 16 per cent compared to the same period of 2013 due to operational efficiencies that are being deployed.
Revenues for the Parent Company in 1H14 were €47.9m, EBITDA reached €16m and Earnings After Taxes (EAT) where shaped at a negative €3.3m.
Group CEO, Constantinos Antonopoulos, 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 capitalize 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.”