Intralot SPA has detailed confidence in achieving its business recovery objectives as the firm declares a positive opening to 2021 trading.
Publishing its Q1 2021 trading results (period ending 31 March), Intralot registered group revenues of €102 million – up 9% on corresponding 2020 results of €93 million.
The Athens-listed gambling technology group highlighted the recovery of its lottery games inventory as the group’s ‘top line GGR driver’ – comprising 63% of group revenues.
Positive Q1 trading saw Intralot register top line GGR growth across its three core business units of Licensed B2C Operations (+4% GGR), Managed B2B Services (+65%) and Technology Systems (+4%).
A breakdown of unit performance saw Intralot’s licensed B2C operations deliver growth across its Malta contracts (+€2.8m), offsetting continued FX impacts recorded in the markets of Brazil and Argentina.
Meanwhile, the firm’s Managed B2B Services secured a top line growth of €5.3 million. It was driven by the growth of its Turkish Bilyoner contract, which benefited from a period of heightened sports betting activity resulting in higher operating margins.
Intralot’s Technology Systems unit registered top line growth of €2.1 million, attributed to US lottery partnerships offsetting COVID-19 related performance declines in the Netherlands (-€1m) and Australia (-€1m).
The firm’s improved unit performance saw Intralot register a period EBITDA of €24.5 million – up 55% on 2020’s results of €15.7 million.
Further positives see Intralot reduce its period net losses to €7.3 million, recorded as 58% improvement on Q1 2020’s corresponding loss of €17 million.
Updating investors, Intralot cited that the company would continue to operate on a tight cost control basis, in which it maintained COVID-19 costs vicinity of €1.5m of group EBITDA.
“First quarter results show strong Revenue and EBITDA growth, driven by robust operational performance and successful implementation of cost containment measures while maintaining a strong cash position,” stated Intralot Chairman Sokratis P. Kokkalis.
“At the same time, we continue to sharpen our focus on strategic markets with higher margins, launch new operations, such as Croatia, and roll out our new product portfolio, overall pointing to a very healthy operational performance for 2021.”