Q2 2024 Greek Organisation of Football Prognostics SA Earnings Call Transcript
Key Points
- Strong online growth contributing to almost 30% of the group's revenues, a new record.
- High EBITDA margin of around 35%, supporting confidence in 2024 guidance.
- 15-year exclusive concession agreement with the Republic of Cyprus for lottery games.
- Eurojackpot and other new game features driving significant growth in the games portfolio.
- Robust cash position with EUR450 million, enabling a EUR0.60 per share interim dividend distribution.
- VLTs decreased by 1.2%, affected by cautious consumer environment amid inflationary pressures.
- Instant and passives slipped by 16.6%, maintaining only 5% weight on total GGR.
- Increased marketing expenses by 30.43% due to major summer events, impacting overall OpEx.
- Payroll expenses increased by 10% year on year, reflecting wage increases and higher headcount.
- Net profit decreased by 0.8% on a recurring basis, adjusted for one-off finance income.
Hello, everyone, and welcome to our Q2 2020 financial results update. Likewise, previous quarters, I'm joined by our CFO, Pavel, and we will present you in this video the business and financial update while we will be waiting for you at our scheduled conference call later today at 4:00 PM Athens time to take your questions.
Before Pavel takes you through our financials, I would like to provide you the key highlights of our Q2 2024 achievements. The second quarter performed strongly with online recording strong growth and retail showcasing resilience while both were benefited by Euro 2024 Tournament that contributed to a robust sports-betting performance.
Online continues its strong upward momentum contributing in Q2, almost 30% of the group's revenues, which is a new record, reflecting the successful execution of our digital strategy. On the profitability side, Q2 demonstrated a high EBITDA margin at the levels of around 35%, allowing us to be confident on the delivery of our guidance for 2024.
Finally, our strong cash position enables us to continue
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