Intralot Posts Q1 Results, Enjoys Significant Growth in the US

The global provider of gaming solutions and content, Intralot, released its latest financial report, outlining key details regarding the company’s performance. In its recent trading update, the company revealed data regarding its performance for the first quarter of 2023 or the three-month period until March 31, 2023.

For the period, Intralot reported group revenue of €89.5 million ($96 million). This result, when compared to Q1 in 2022, represented a decrease of 8.4% year-over-year. While group revenue decreased, the company reported a strong performance in other operational segments. In Q1 2023, Intralot’s EBITDA increased by 29.2% to €33.7 million ($36.2 million). Additionally, the company reported an increase in EBITDA margin from 26.7% in Q1 2022 to 37.7% for the first quarter of this year.

Overall, the operating cash flow for the first quarter of this year hit €37.2 million ($39.9 million). When compared to the result from the corresponding period last year, this number marked a staggering increase of 115.3%. Intralot revealed that it’s Net Income After Tax and Minority Interest (NIATMI) this year reached €3.1 million ($3.3 million) compared to a negative NIATMI of €5.7 million ($6.1 million) from the first quarter of last year.

Not unexpectedly, group cash for the end of the first quarter this year increased quarter over quarter. According to the recent trading update from Intralot, its group cash at the end of Q1 2023 was €109.2 million ($117.2 million) representing an increase of €6.8 million ($7.3 million) when compared to the result as of December 2022.

The new trading update reveals that Intralot has seen significant growth within the US market. The company’s US operations marked an EBITDA increase of 31.6% year over year and revenues rose 13.1% for the first quarter of 2023.

The Company Is Proud of Its Performance in the First Quarter

Judging by the recent report, Intralot’s lottery games represented the lion’s share of the group turnover. The company explained that 60.4% of its turnover share was from lottery games, while sports betting had a share of 17.5%. On the other hand, VLT technologies represented 12.5% of the share, while 9.5% of the turnover was from technology contracts, leaving only 0.1% to racing.

“We are extremely proud of first quarter robust organic EBITDA growth of 29% and a return to Net Earnings, along with healthy cash flows and significant reduction of Group Net Leverage Ratio down to 3.6x, providing additional momentum to INTRALOT’s successful turnaround story as a result of our consistent efforts in the past few years.“

Sokratis P. Kokkalis, chairman and CEO of Intralot

Sokratis P. Kokkalis, Intralot’s chairman and CEO, revealed that the company is excited about the strong results reported for the first quarter of the year. He acknowledged that the positive figures represent the company’s unstoppable efforts over the last few years.

Kokkalis spoke about Intralot’s technical capabilities that can fuel the company’s growth within the online and retail vertical. Finally, he predicted that Intralot will continue to grow within strategic markets such as the US, which in turn, will deliver stakeholder value.