Intralot announced Friday its financial results for the six-month period ended June 30th, 2019, prepared in accordance with IFRS.
“Intralot announces steady y-o-y improvement in the Group’s operating cash flow, as the Company further absorbs business transition impact,” the company summarized.
During the six-month period ended June 30th, 2019, Intralot systems handled €10.5b of worldwide wagers (from continuing operations), posting a 16.4% y-o-y increase. North America’s wagers increased by 53.5% (driven by Illinois contract launch), Africa’s by 11.5%, Asia’s by 10.8% (mainly Taiwan), and West Europe’s by 5.2% (driven mainly by Netherlands), while East Europe’s dropped by 7.9% (driven by TRY currency devaluation) and South America dropped by 1.5% (mainly attributed to ARS currency devaluation).
Reported consolidated revenue saw a decrease compared to 1H18, leading to total revenue for the six-month period ended June 30th, 2019, of €378.1m (-7.6%). Sports Betting was the largest contributor to the firm’s top line, comprising 44.9% of our revenue, followed by Lottery Games contributing 42.6% to Group turnover. Technology contracts accounted for 5.8% and VLTs represented 4.2% of Group turnover while Racing constituted 2.5% of total revenue of 1H19.
Reported consolidated revenue for the six-month period are lower by €31.0m year over year. The main factors that drove top-line performance per Business Activity are: - €-25.5m (-10.0%) from the Licensed Operations (B2C) activity line, with the decrease attributed mainly to lower revenue in:
- €-4.1m (-8.5%) from the firm's Management (B2B/ B2G) contracts activity line with the variance driven by:
- €-1.4m (-1.3%) from the Technology and Support Services (B2B/ B2G) activity line, with the decrease attributed mainly to:
"The second-quarter results, although still absorbing the business impact of last year’s negative developments, reflect an improvement in operating cash flows and liquidity by successfully implementing our three-pillar strategy for operational improvements, new business, and non-core asset disposals, Group Chairman & CEO Sokratis P. Kokkalis said. We successfully completed the delivery and transition to the Lotos X new central system for our historic client OPAP in July, and came to an agreement with OPAP for the disposal of our 16.5% participation in Hellenic Lotteries for a consideration of €20.0m. The renewal of our contract with the DC Lottery to include Sportsbetting and the award of a new Sportsbetting contract in Morocco demonstrate INTRALOT’s readiness to tap fresh opportunities with cutting-edge new technological solutions."
See the full report here.