Gaming solutions supplier and operator Intralot has released its financial results for 2016 showing a 7.1% increase year-on-year in revenues to just over $1.41 billion although its annual gross profit fell by 0.3% to $249 million.
Established in 1992, Intralot is active in 55 jurisdictions around the globe and revealed that its annual earnings before interest, tax, depreciation and amortization for 2016 hit $187.83 million, which represented a rise of 6.6% year-on-year, off of a margin that remained static at 13.3%.
“The strongly positive results of 2016 in both growth and profitability reflect important transformations that have taken place over the past couple of years across operational capabilities, project management, cost structure and products and services portfolio investments,” read a statement from Antonios Kerastaris, Chief Executive Officer for Intralot.
Intralot announced that September saw it refinance $347.27 million in senior notes that had been due in 2018 with a $267.14 million bond that will come to fruition in 2021 while simultaneously restructuring its $213.71 million revolving credit facility until 2019 and increasing committed lines by approximately $26.71 million.
Last year moreover saw Intralot conclude a trio of acquisitions for concerns in Peru, Bulgaria and Italy while it kicked off 2017 by signing a ten-year renewal of its supply contract with the Idaho Lottery following a competitive bidding process.
In terms of geography, Europe remained Intralot’s most lucrative region in 2016 as the firm reported 2016 sales of $638.67 million, which represented a boost of 31% year-on-year, although its business in the Americas saw annual sales drop by 2.7% to $578.28 million.
“A series of merger and acquisition transactions greatly enhanced our business development potential through strong local partnerships and diversified portfolio offerings,” read the statement from Kerastaris. “The past year was also marked by tremendous improvements in Intralot’s financial structure in a way that secures future savings and a clear funding horizon until 2021 while affirming international investors’ confidence in future value creation.”