INTRALOT announces Full Year 2019 Financial Results

in Finance

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INTRALOT Group Chairman Sokratis P. Kokkalis noted:

“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 optimizing our cost structure. With the appointment of Mr. Christos Dimitriadis as Group CEO in 2020, INTRALOT is enabled towards technology-driven evolution, leveraging his long experience and global expertise to achieve growth and value creation.”

INTRALOT Group CEO Christos K. Dimitriadis noted:

“In 2019 we have completed the sale of our shares in Gamenet Spa, in Italy, Totolotek in Poland and Hellenic Lotteries in Greece, strengthening the company’s liquidity and improving its capability for strategic investments. We are particularly satisfied with the successful launch of our brand-new product LOTOS X, at OPAP, as well as at the National Dutch Lottery (NLO) with the Eurojackpot game. We are also proud for the launch of our landmark gaming system and services project with CAMELOT in Illinois, as well as for capturing sports betting opportunities with US State Lotteries in the District of Columbia, Montana and New Hampshire. The signing of a new Lottery contract with the British Columbia Lottery Corporation in Canada is a great achievement proving the execution of our growth strategy in North America. We have also successfully implemented a cost saving program at HQ resulting in €11m of savings that have partly offset adverse developments related to the loss of the Turkish land based sports betting contract, the negative impact of the regulatory changes in online betting in Turkey and one-time cost overruns.
Looking into the future and as we go through the 4th industrial revolution, we are prepared to capitalize 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 organizational structure.”