The Greek company Intralot announces a fall in its revenues of 8% in the 2019 financial year

Intralot saw revenue of €720.6m ($785.7m) for the full-year 2019, a fall of 8% year-on-year. What its top managers call a "transition year" is materialized in that fall in income that has been accompanied by other not too positive data:

1. Adjusted EBITDA was €68.7m, a drop of 21% from 2018, while operating cash flow was €61.3m, a drop of 31%.
2. Gross gaming revenue (GGR) was €409.1m, down 6%, and the company’s net debt was €594.1m for the period, a drop of 5%.
3. Throughout the year, Intralot handled $18.3bn worth of wagers, representing a 21% increase year-on-year.
4. The lottery segment was the largest contributor, representing 44% of total revenue, while sports betting represented 43% of group turnover.

Intralot group CEO Christos Dimitriadis said: “Looking into the future and as we go through the fourth industrial revolution, we are prepared to capitalise on our recent investments in building state-of-the-art products and in achieving economies of scale. The transformative power of our technology will play a key role in business innovation and value creation, together with an even more customer-centric new organisational structure.”

Sokratis Kokkalis, group chairman of Intralot, said: “2019 has been a transition year for Intralot. I have set the cornerstones of the transformation of the group by implementing a restructuring of our project portfolio through divestments of non-core assets; renewing existing contracts and winning new business with a focus in North America; launching our new products; and optimising our cost structure.”