OPAP SA recorded a marginal 0.7 per cent decrease in group revenues as it reported a stable Q3 2020 trading period.
Due to the Athens-listed gambling group’s cautious approach, with the company moving all its operating units ‘towards business normality,’ group revenue only saw a slight drop to €391m, down 0.7 per cent, which was driven by the strong comeback of its sports and VLT units.
Jan Karas, OPAP’s Acting CEO, commented on company performance: “Our Q3 results demonstrate our ability to ensure operational readiness during unfortunate times and deliver healthy results upon the lift of lockdown measures.
“At the same time, our effort to tap the markets was a remarkable success demonstrating investors’ confidence and enhancing our liquidity.
“Going forward, in the volatile environment of the pandemic and the second lockdown, our focus remains on protecting and actively supporting our employees, partners and stakeholders, safeguarding our healthy financial position and enhancing our product proposition.
“We remain confident in our ability to face future challenges and deliver positive results.”
Improved Q3 trading activity saw group betting GGR increase by 14 per cent to €105m (Q3 2019: €92m), with VLT revenues up by ten per cent to €80m (Q3 2019: €73m).
However, OPAP’s recorded a nine per cent decline in its lottery GGR to €179m (Q3 2019: €197m), as the firm’s lottery network suffered from fragmented retail re-openings which has resulted in a significant decrease in customer footfall.
As a result of OPAP’s lottery network decline, year-to-date group revenues tracked at €899m, a 23 per cent decrease on corresponding YTD 2019’s €1.17bn.
Mitigating COVID-19 headwinds, OPAP highlighted a number of ‘well-timed containment measures’ which were undertaken to lower the group’s YTD operating costs by five per cent to €182m.
As a result, the company reported a 20 per cent decline in YTD marketing expenses, which fell to €35m.
YTD EBITDA stands at €207m, down 31 per cent compared to 2019’s €305m.