Intralot reveals internal overhaul after 2013 loss
Gaming and sports betting supplier divides business into four divisions as negative FX impact contributes to losses of more than 4m
Greek gaming and sports betting supplier Intralot has revealed a sweeping internal restructure as the group today announced losses of 4.6m in its 2013 full-year results.
Negative FX differences and write offs of 10.8m and 13.7m respectively were blamed for the loss, with the Greek company stating a net profit of 19.9m would have been recorded otherwise.
Revenues broke the 1.5bn barrier, soaring 17.9% year-on-year to 1.53bn as EBITDA also increased, up 9.7% to 194.8m.
Net debt was also reduced by 30.7m to 397.2m following an improved cash flow, which reached 81.3m for the year.
The operator, which operates a number of online sports betting platforms in Europe, did not provide a breakdown of its online gaming performance but has recently made efforts to improve its remote revenues by launching a new mobile sportsbook product, which Intralot has claimed will “redefine” the vertical for its customers.
Constantinos Antonopoulos, CEO at Intralot, said the company’s new contracts in Europe, Asia and Australia boosted its 2013 performance but stated the group had “redefined our key priorities” as part of an internal restructure managed by The Boston Consulting Group.
“After many years of enduring success and strong global growth, we have decided to consolidate the company’s global operations, products and services and technology, in order to create a more flexible and effective structure,” Antonopoulos said.
Intralot, which has a presence in 57 jurisdictions across all five continents, has been divided into four separate divisions – global operations and sales, products and services, technology, and finance – with the aim of improving collaborations between Intralot’s headquarters and group subsidiaries.
“I am confident that the new participatory management structure will bring Intralot Group to a new path of growth and success,” Antonopoulos added.
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