Wednesday May 28,2014 : OPAP DELIVERS BETTER THAN EXPECTED Q1 RESULTS
Cost cutting and revitalisation of games portfolio paying off
Greek gaming operator OPAP SA delivered improved results in its Q1 2014 report for the period ending March 31, 2014.
The better than expected results were attributed to a 30 percent rise in its popular sports betting game Stihima which has benefited from the exclusion of unlicenced online operators in the market and wide ranging cost cutting measures.
Key performance indicators include:
– Revenue growth of 11 percent to Euro 965.5 million (Q1/2013: Euro 869.3 million).
– EBITDA increased to Euro 75.3 million (Q1/2013: Euro 57.6 million), up 32.4 percent y-o-y.
– Gross gaming revenue of Euro 320.1 million (Q1/2013: Euro 302.6 million), up 5.8 percent.
– Distribution expenses further reduced by 12.2 percent y-o-y.
– Net profit up 27.6 percent to Euro 49.7 million (Q1/2013: Euro 38.9 million).
– Cash position of Euro 168 million.
Kamil Ziegler, chairman and chief executive officer commenting on the results said:
"Q1 2014 was marked by OPAP's return to meaningful profitability growth. The operating performance of our key games was further reinforced by the persistent revitalisation of our games portfolio, while we also increased operating efficiencies in line with our long-term commitment."
OPAP is confident of a continuing upswing that will further benefit from the controversial launch of an online sports betting offer ahead of the World Cup in Brazil.
"The improved performance together with the successful and well received launch of scratch tickets, makes us confident that 2014 will prove to be a rewarding year overall for all our stakeholders," Ziegler concluded.
OPAP announced the Group’s new organisational structure consisting of nine business units effective May 1, 2014, saying the changes are expected to lead to higher operational efficiencies and will facilitate the decision making related to new projects’ implementation.