New structure will lead to ‘robust’ results: Intralot
Greek gaming supplier Intralot SA says its new organisational structure will allow the company to consolidate its global operations following years of expansion.
The company, listed on the Athens stock exchange, announced in January that it would organise itself around three distinct divisions: products and services, global operations and sales, and technology.
“After two decades of global expansion and successful operations across geographies, we have decided to consolidate the company’s global operations … so as to become more flexible and effective continuing to offer to our customers the most innovative gaming solutions,” Socrates Kokkalis, Intralot deputy chief executive, said on Wednesday during the annual shareholders’ meeting.
“We are sure that the new participatory management structure will enhance shareholder value and create robust financial results,” he said in a statement.
The company says it is investing in segments in which it has a competitive advantage, such as mobile lottery, online and land-based betting and gaming.
In 2013 the company’s revenues increased by 12 percent to EUR1.5 billion (US$2.03 billion). Negative foreign exchange impact however contributed to losses of more than EUR4 million, Intralot said.
During Wednesday’s meeting, Intralot’s chief financial officer, Antonios Kerastaris, said the company has managed “to refinance all of its existing debt and added more liquidity fire power” through two bond issues and the renewal of its syndicated loan facility.
“Intralot now has a diverse, flexible and long-term funding structure,” he added.
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