Intralot looking to expand

In an announcement to the Greek Stock Exchange last week, Intralot revealed that the bond would last for up to seven years depending on favourable credit market conditions.

Last month, the Greek firm launched its new business-to-business subsidiary, Intralot Interactive, to focus on providing technology to lotteries and state organisations around the world while also seeking new licensing opportunities. It revealed that the new capital would be used to fund acquisition opportunities in addition to forming new alliances in order to take advantage of a more liberalised gaming market.

The firm, which runs betting games in more than a dozen countries around the world, released its financial results for the first quarter of 2009 last week showing that earnings fell over 36 % year-on-year. Before interest, tax, depreciation and amortisation, Intralot’s earnings came in at 46.1 million euros while consolidated revenues remained steady compared to the first three months of 2008 at 256 million euros.

In addition, earnings before tax dropped 35.2 % year-on-year to 44.2 million euros while earnings after tax and minorities decreased by 38.5 % to 22.1 million euros from 35.9 million euros for the first quarter of 2008.

Intralot revealed that overall company revenues for the period were 27.3 million euros, which was 2.5 % lower than the first three months of 2008, while earnings before interest, tax, depreciation and amortisation stood at 5.1 million euros alongside earnings after tax of 2.9 million euros.