Greek lottery and gaming operator Intralot announced that its earnings before interest, taxes, depreciation and amortization (EBITDA) rose 29.2% year-on-year to €33.7 million (29.1) in the first three months of 2023 £m/$36.1m). as the company continues to recover from the impact of the Covid-19 pandemic.

Intralot outlined its progress in the first quarter on a number of objectives, including returning to profitability, sustained profit growth and reducing the operating debt to EBITDA ratio to 3.6x. The company has taken on significant debt in the wake of the Covid-19 pandemic.

The company attributed the EBITDA growth to “strong growth” in its US operations as well as improved performance in Turkey.

Chief executive and chairman Sokratis Kokkalis said the results “provided additional momentum to Intralot’s successful turnaround story, as a result of our consistent efforts over the past few years.”

Intralot Managing Director and Chairman Sokratis Kokkalis

Kokkalis highlighted the company’s plans for future growth.

“With healthy financials and new technical capabilities offered by next-generation solutions for the digital transformation of the lottery in both the retail and online worlds, we look forward to timely addressing upcoming maturities, further expanding our capital structure “and implement an ambitious plan for strong and sustainable growth in the US and in key markets around the world, creating value for all stakeholders,” he said.

Intralot Q1 results

The company achieved revenue of €83.4 million in the three months to March 31, an increase of 4.5% compared to €79.8 million in the same period last year. This came despite the company’s revenue falling by 8.4% to €89.5 million in the reporting period.

Revenue from the company’s lottery business was the largest segment at 60.4%. In comparison, the company’s other verticals – sports betting (17.5%), video lottery terminals (12.5%) and IT products and services (9.5%) – remained small.

Intralot said 87.5% of the company’s revenue came from providing its services to businesses or governments. The company derived 12.5% ​​of its revenue from operating gaming services.

The company’s operating expenses amounted to 22.7 million euros, an increase of 3.9% compared to the 21.8 million euros recorded by the company in the first quarter of 2022.

After paying the tax revenue to the state, the company achieved a net profit of 3.1 million euros.

As of March 31, Intralot had debts of €471.6 million on its books, compared to €500.6 million the company recorded in the previous period.