Intralot returns to black as Kokkalis transformation bears fruit 

By | April 8, 2022

Intralot SA has branded 2021 as a breakthrough year for its business, as the Athens-listed gambling technology group accomplished its structural reorganizational directive, that secured financial benefits beyond previous expectations. 

Publishing its full-year 2021 financial report, Intralot declared a group underlying EBITDA of €110 million up 67% on comparative FY2020’s results of €66 million.

Group earnings were bolstered by a 20% increase in FY2021 corporate revenues of €414m, achieved despite Intralot business units and clients having to overcome COVID-19 headwinds during the first half of year trading. 

A breakdown of unit performance saw Intralot record double-digit revenue growth across its three core segments of Licensed B2C Operations (+33%), Technology Support Services (+10%) and Managed B2B Contracts (+41%).

Intralot Licensed B2C Operations recorded a strong comeback in Malta, as a result of COVID-19 restrictions being lifted and Argentina following business adjustments and benefitting from positive local currency settlement

Marked as a key directive, Intralot’s ‘INC’ US business division provided the business its biggest Technical Support Services revenue contribution of €17m from North American lottery provisions and merchandise. New North American contracts are marked as the biggest revenue contributor for Intralot tech services.

Meanwhile, B2B Managed secured a €14m uplift, primarily attributed to the improved post-pandemic performance of its Turkish Bilyoner and Morocco MDJ sportsbook contracts.  

Generating €3.3m in revenues, Intralot noted a better than expected performance for its newly-established INC B2B managed contracts in Montana and Washington.  

FY2021 expenses totalled €101m, which included a Turkish D&A expense of €7m attributed to costs of renewing its Turkish Bilyoner contract until 2029.

Positive FY2021 outcomes saw Intralot return to black, declaring bottom-line EBT profits of €37m, reversing FY2020 losses of €92m. Gross corporate debt has been further reduced to a €600m – a reduction on FY2020 debt of €750 million

Chairman & CEO Sokratis P Kokkalis commented on financial results: “The successful completion of the Capital Structure optimization in August 2021, resulting in the extension of the 2021 maturities and the significant deleverage by €163m has been a key milestone for Intralot.

“Its has provided us the runway to address significant opportunities in the US and worldwide in the coming years in the Lottery, Sports Betting and Monitoring areas. Coupled with strong rebound in key markets after the easing of COVID-19 pandemic measures and cost-efficiencies achieved at HQ level, FY2021 results set the Company in a stable course to tap on new opportunities and create value for all its stakeholders.”

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