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Greek Betting Firm OPAP Delivers Solid Financials

Greece's gaming operator OPAP SA has revealed its first quarter 2014 financial results, noting a growth in revenue and higher EBITDA.

Key financial indicators for the period ending March 31st, 2014 were:

  • 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.

Commenting on the performance OPAP CEO and Chairman Kamil Ziegler 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 revitalization of our games portfolio, while we also increased operating efficiencies in line with our long-term commitment."

The executive was also bullish on the rest of the year's prospects, noting: "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."

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