NTRALOT announced last week its financial results for the six-month period ended June 30, 2020, prepared in accordance with IFRS.
Group Revenue was €168.2m in the first half of the year, EBITDA amounted to €26.7m, while Adjusted EBITDA, to €24.0m.
According to the report, North America operations, under Intralot Inc., achieved significant y-o-y growth (Revenue+15.2%, EBITDA +35.8%).
Group OPEX in 1H20 was better by 26.5% vs. a year ago, with Greek entities OPEX lower by 14.2% y-o-y. Group Net CAPEX in 1H20 was €15.2m. lower by 52.1% compared to a year ago.
Group Cash at the end of 1H20 was €137.5m, remaining at similar levels with the onset of the
COVID-19 pandemic in 1Q20. Net Debt was €623.1m, lower by €29.3m y-o-y.
By evaluating the latest available data and known lockdown conditions per jurisdiction and the moderate restart of sporting events, the Company’s best estimate for COVID-19 impact for 2020 remains in the vicinity of €25m at Group’s EBITDA level.
In recent months, INTRALOT accelerated innovation and expanded its offerings, adapting to new realities. Notable achievements include the introduction of its digital lottery solution, Lotos Xi, Intralot Orion shortlisting at the industry’s most prestigious awards GGA2020, the launch of eSports in Taiwan, the launch of E*SOCCER and Virtual Sports in Malta that were coupled with the introduction of AI-driven football and tennis events.
In July, INTRALOT announced the extension of its Vermont Lottery contracts, as well as the signing of a new four-year contract, including an extension option of three years, with Nederlandse Loterij for the provision of its next-generation sports betting platform, Intralot Orion, to enable the operations and management of the Lottery’s retail sportsbook offering.
Within July 2020 Intralot and its subsidiaries established two important partnerships, the first with Major League Baseball, to become an Authorized Gaming Operator of MLB and the second with Evolution Gaming, a leading provider of Live Casino solutions, where Evolution Gaming will provide it’s full suite of Live Casino services to Intralot’s entire global market.
"During the first half of 2020, we have navigated through the COVID-19 pandemic as well as the effect of discontinued operations in Bulgaria and Turkey. We have revisited our strategy, accelerated its execution, reorganized the Group, gave priority to our customers and to our people, addressed our financials with prudency, diversified our portfolio even further, ensured continuity in service provision and identified ways to unlock the hidden potential of our digital technology," said INTRALOT Group CEO Christos K. Dimitriadis.
"As a result, we have achieved significant growth in our US operation, substantial reduction of the Group’s OPEX and CAPEX and maintenance of strong liquidity levels. Most importantly we are continuously being prepared for the future and the new realities that are being established worldwide," he added.
See the company's full First Half 2020 financial results HERE.