Gaming and lotteries giant Intralot has seen its net loss from continuing operations grow to €111.9m in 2019, after what the firm describes as a “transition year” in which group turnover and gross revenue both fell.
The 2019 results showed revenue down €720.6m, or 8.1%, but within those figures technology contracts were up 2.7% at €208.3m. EBITDA stood at 87.8m, down 25.4%. However net debit was €21.2m lower at €594.1m.
Over 44% of revenue came from lottery games, followed by sports betting at over 42%. The decrease in licensed operations was through factors in Bulgaria, inflationary currency trends in Argentina, a deficit in Turkey and fewer sales in Morocco. The positive factors were increased business in the US, the Netherlands and Chile.
“2019 has been a transition year for Intralot,” chairman Sokratis Kokkalis commented. During the year, Intralot carried out large-scale restructuring of the business’ product portfolio, as well as divesting stakes in assets such as Gamenet in Italy, Totolotek in Poland and Greece’s Hellenic Lotteries.
At the same time the company has launched new products, including Lotos X at OPAP and at the Dutch National Lottery with the Eurojackpot game. The firm has a gaming system project with Camelot in Illinois, US, and has launched sports betting projects in US states plus a lottery contract with the British Colombia Lottery in Canada.
These developments, Kokkalis said, “set the cornerstones” for the business’ transformation.
“With the appointment of Christos Dimitriadis as Group CEO in 2020, Intralot is enabled towards technology-driven evolution, leveraging his long experience and global expertise to achieve growth and value creation,” he concluded.
Source: GMB
