Intralot says 2020 revenue was down 16.6% YOY
EBITDA for gaming solutions provider was up 2.5% from 2019.
Intralot SA, an international gaming solutions and operations provider, on Wednesday reported its financial results for the 12-month period ending December 31, 2020.
The company said consolidated revenue for 2020 was €364.8m, or $437.7m, which was down 16.6% from 2019.
Gross Gaming Revenue (GGR) from continuing operations for FY20 was €292.9m, a decrease of 14% year over year.
On the plus side, Q4 2020 GGR from continuing operations increased by 11.5% from the same quarter one year earlier.
EBITDA from continuing operations for FY 2020 was €66.2m, up 2.5% compared to the FY19 results from continuing operations.
The company’s North American operations, where it operates under the name Intralot Inc., achieved YOY growth in both revenue (up 22.3%) and EBITDA (up 62.1%).
Chairman and CEO Sokratis Kokkalis said in a statement, “During the financial year 2020 we faced the adverse effects and disruptions of the Covid-19 pandemic, which had significant impact on the lottery and sports betting industries. This impact was only partially offset by mitigation measures, operational improvements, and cost-containment efforts.”
Kokkalis said the company “remained focused” on developed markets, and saw significant growth in the US in its lottery operations. In addition, it launched two new sports betting operations in Montana and Washington DC, while it renewed significant contracts in the American state of Georgia, as well as New Zealand, Australia and the Netherlands.
“The company management also dedicated significant effort in negotiations with the bondholders to optimize the capital structure through a transaction that is expected to be completed during the first half of 2021,” Kokkalis added.
In early 2021, Intralot completed the sale of its entire stake of 20% in Intralot de Peru SA, with the net cash consideration, after taxes and transaction expenses, amounting to $16.2m. In addition, Intralot signed a three-year extension of its current contract with Intralot de Peru SA through 2024, to continue to provide its gaming technology and support services.
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