Global gaming solutions and content provider Intralot has released its latest financial report, highlighting key details about the company’s performance. In its recent trade update, the betting company revealed data on its performance for the first quarter of 2023 or the three-month period to March 31, 2023.
In the period, Intralot reported group revenue of €89.5 million (US$96 million). This result, when compared to the first quarter of 2022, represented a decrease of 8.4% year on year. While group revenue took place, the company reported strong performance in other operating segments.
In the first quarter of 2023, Intralot’s EBITDA increased by 29.2% to €33.7 million (US$36.2 million). In addition, the company reported an increase in EBITDA margin from 26.7% in the first quarter of 2022 to 37.7% in the first quarter of this year.
Overall, operating cash flow for the first quarter of this year reached €37.2 million ($39.9 million). When compared to the result for the same period last year, this number registered an impressive increase of 115.3%.
Intralot revealed that its net income after tax and minority interests (NIATMI) this year reached €3.1 million ($3.3 million) compared to a negative NIATMI of €5.7 million ($6.1 million ) in the first quarter of last year. Not unexpectedly, the group’s cash at the end of the first quarter of this year increased quarter on quarter.
According to Intralot’s recent commercial update, the group’s cash at the end of the first quarter of 2023 was €109.2 million (US$117.2 million), representing an increase of €6.8 million (US$7 .3 million) compared to the December 2022 result.
The new trade update revealed that Intralot has seen significant growth in the US market. The company’s US operations posted an EBITDA increase of 31.6% year-over-year and revenues increased 13.1% in the first quarter of 2023.
Intralot celebrates first quarter performance
Judging by the recent report, Intralot’s lottery games accounted for the majority of the group’s turnover. The company explained that 60.4% of its revenue came 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 revenue was from technology contracts, leaving only 0.1% for rides.
“We are extremely proud of the robust Q1 organic EBITDA growth of 29% and a return to Net Income, along with healthy cash flows and significant reduction of the group Net Leverage Ratio to 3.6x, providing additional momentum to the INTRALOT’s successful turnaround story as a result of our consistent efforts over the last few years”.
Sokratis P. Kokkalis, President and CEO of Intralot, revealed that the company is thrilled with the strong results reported in the first quarter of the year. He recognized that the positive numbers represent the company’s unstoppable effort in recent years.
Kokkalis spoke about Intralot’s technical capabilities that can fuel the company’s growth in the retail and online vertical. Ultimately, he predicted that Intralot will continue to grow in strategic markets such as the US, which in turn will add value to stakeholders.