Intralot, a leading provider of gaming solutions, has released its financial results for the first half of 2023 (H1 2023), revealing a mixed performance. Despite a decline in revenue, the company reported a significant increase in EBITDA.
Revenue Decline in Q2 2023:
Intralot’s revenue for the second quarter of 2023 (Q2 2023) experienced a 20% decrease compared to the same period in 2022, totaling €85.8 million ($93.4 million). Additionally, the company’s gross gaming revenue (GGR) saw a 10% annual decrease, amounting to €80.2 million.
Steady EBITDA Performance:
Despite the revenue decline, Intralot’s EBITDA remained stable in Q2 2023, with a figure of €29 million, unchanged from the previous year. Over the past 12 months, the company’s EBITDA reached €130.6 million, demonstrating resilience and consistent performance.
H1 2023 Financial Snapshot:
For the first half of 2023 (H1 2023), Intralot reported revenue of €175.3 million, marking a 14% decrease compared to H1 2022’s €204.8 million. However, EBITDA for H1 2023 showed a robust 14% year-on-year growth, reaching €62.8 million.
Debt Reduction and Market Capitalization:
Intralot made progress in reducing its net debt, which decreased from €508.7 million in H1 2022 to €480.5 million in H1 2023. As of the latest data, the company’s share price fluctuated throughout 2023, with a market capitalization of €233.9 million.
CEO’s Perspective:
Sokratis P. Kokkalis, Chairman and CEO of Intralot, expressed confidence in the company’s financial performance. He emphasized the consistent focus on higher-profit margin activities and lower leverage ratios, leading to EBITDA growth and healthy cash flows. Kokkalis highlighted the company’s improved credit profile and its readiness to explore opportunities in the US and globally.
Intralot’s H1 2023 financial results reflect a dynamic landscape in the gaming industry. While revenue declined, the company’s EBITDA demonstrated resilience and growth, indicating a strategic focus on profitability. With a reduced debt load and an eye on global opportunities, Intralot remains positioned for future success in the gaming market.