OPAP reports a solid first quarter

Greek online and land gambling group OPAP has posted its Q1-2018 results showcasing a rise in revenues and profitability due to the performance of betting and video lottery terminal businesses.

Highlights from the report include:

* Gross gaming revenue up 5.1 percent year-on-year at Euro 377.3 million;

* Net gaming revenue up 5.9 percent year-on-year at Euro 253.1 million;

* Amount wagered by customers up 2 percent at Euro 1.08 billion;

* Gross operating profit up 4.9 percent at Euro 147.9 million;

* Net profit up 20 prcvent at Euro 39.9 million;

* EBITDA up 11.1 percent at Euro 87.2 million on margin of 23.1 percent.

In his report CEO Damian Cope described the company performance as strong, demonstrating good growth in key financial metrics as a result of investments made in 2017.

“Both our betting and VLT categories performed well and the new relationship with our agents also helped to realise tangible improvements,” he said. “We continue to invest in the optimisation and modernisation of our retail estate network, with several hundred new OPAP stores opening during 2018,” he said.

“Our comprehensive technology transformation programme is also approaching the final phase as we plan for the completion of all our main retail platform migrations, plus our new online platform, by the end of Q3.”

Cope said that economic challenges facing Greece have had a dampening effect on the disposable income of OPAP’s customers, but that the company looks forward to increased business associated with World Cup football betting.

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