Intralot taps all cost-saving options to soften Covid blows
Intralot SPA has updated both investors and the Hellenic Capital Market Commission on further measures taken to reduce the firm’s exposure to COVID-19 impacts, which have hindered the group’s commercial pipeline and financial performance.
As it stands, Intralot estimates that Covid impacts will bear a group-wide EBITDA-level cost of €25-28 million on its full-year 2020 accounts.
The Athens listed gambling technology and lottery systems provider stated that beyond safeguarding top-line metrics, the company had accessed all available government measures to ‘alleviate the impact of the pandemic’.
Across all operating markets, Intralot subsidiaries have applied for ‘applicable governmental support programs’ related to workforce furloughs and financial relief.
Intralot’s H1 2020 interim statement tracked 2020 corporate losses at €43 million, as corporate revenues nosedived by 55% to €168m. Group performance was haemorrhaged by Covid constraints across the supply chain and the abrupt cancellation of its Eurobet Bulgaria sportsbook contract.
Seeking to minimise corporate expenditures, Intralot has instructed all operating units to revise existing supplier terms and decrease staff-related costs for the duration of 2020.
Further cost-saving measures have seen Intralot temporarily suspend all planned investments amounting to up to €12 million.
November trading saw company founder and chairman Sokratis Kokkalis reinstated as Group CEO effective immediately, replacing incumbent Christos K. Dimitriadis as corporate leader.
Intralot told investors that Dimitriadis, who had served as Group CEO for less than six months, had been transferred to a new strategic role to accelerate US growth.
Source: SBC News
