The leading gaming solutions supplier and operator INTRALOT published its financial results for the year ended on December 31st, 2016. The company praised its performance over the period, marking an increase in its Group revenues.
The Chief Executive Officer of INTRALOT Antonios Kerastaris commented on the results of the group, describing them as “strongly positive” ones in terms of both profitability and growth. According to the company’s boss, the presented results represented some important changes that had taken place over the past few years in the group’s project management, operational capabilities, products and services investments and cost structure.
Mr. Kerastaris also revealed that a series of mergers and acquisitions helped the company bolster its business development potential thanks to the strong partnerships formed and the diversified portfolio additions. According to the company’s boss, 2016 had also been a year that brought a great number of improvements when it came to the financial structure of INTRALOT.
In its report, the company revealed a 7.1% increase in its Group revenues in the full-year period, from €1,235.5 million in 2015 to €1,323.6 million. Over the fourth fiscal quarter of the year, the revenues of INTRALOT rose by 7.5%, reaching €366.1 million. As the Group itself revealed, its revenues over the last three months of the year were driven by the sports betting revenues growth in Bulgaria, as well as by the recent acquisition of the Bulgarian lottery company Eurobet.
INTRALOT also revealed that the stable increase in its overall performance in 2016 was accelerated by the €+155.4 million generated on the territory of East Europe thanks to the increased sales in Bulgaria and Turkey and €+21.6 million generated in North America. It was exactly in North America where the company had managed to sell its self-service lottery terminals. Of course, there were factors that offset the revenue increases of INTRALOT, including the declining sales of Asia, which amounted to €-57.8 million and the lower sales registered in Azerbaijan. There was also a decrease of €-36.9 million in South America.
The gaming solutions and products supplier, however, announced that its gross profit over the period experienced a minor decline of 0.3% from €233.7 million in 2015 to €233.1 million. There was also a 1.1% decline in its gross profit in the last three months of 2016 to €64.8 million.
INTRALOT said that its full-year EBITDA (earnings before interest, taxes, depreciation and amortisation) saw a stable increase amounting to 6.6%, which took it to €175.8 million. When it comes to the EBITDA registered in the last fiscal quarter, the increase registered amounted to the massive 18.6%. The company also revealed and EBITDA margin of 13.3% for the full year 2016.
The gaming products and services supplier highlighted a number of events in 2016, emphasizing on the refinancing of its €325 million Senior Notes in September. At the same time, INTRALOT refinanced a €200 million revolving credit facility up until 2019. Also, in terms of merger and acquisition deal, a total of three transactions were carried out by the company in Bulgaria, Italy and Peru. The latter came as a proof of the company’s willingness to expand its reach in new territories and expand its presence in new regulated markets worldwide.