Pollard Banknote is among the leading forces in the Canadian lottery field, powering the operation of both provincial and worldwide lottery corporations seeking excellence. The leader issued mandatory details surrounding its financial performance over the second quarter of fiscal 2019 this week.
Revenue generated over 2019 Q2 exceeded CA$97 million, maintaining its high levels marked during the first quarter of this fiscal year. The regular financial reports issued by large companies have proven to be useful for both shareholders and people interested in the company’s development down the road.
Pollard Banknote offers updates on its own financial performance at the end of every quarter of the fiscal year and this week saw its latest report giving food for thought. The second quarter came to an end on June 30, continuing the strong tangent of the first one.
Financial Performance Data Issued
John Pollard, Co-Chief Executive Officer of Pollard Banknote, stated that over the past few months the focus of development had been towards iLottery and bringing improvement to the online gaming field.
Nowadays, more and more individuals turn towards the convenience of online gaming and iLottery is the solution for them. Mr. Pollard made it clear that the profit ended up being lower than projected. Sales over the second quarter of this fiscal year reached CA$97.1 million, whereas the gross profit managed to reach CA$21.6 million.
When compared year-on-year, there is an increase, as Q2 2018 saw CA$86.8 million in sales, as well as CA$20.5 million in gross profit. Over the period ending on June 30, 2019, Pollard Banknote amassed net income of CA$13 million, once again a jump in comparison to the CA$9.6 million generated year-on-year.
The introduction of Schafer Systems, a global provider of lottery ticket dispensers and play stations was among the engines propelling operation and increasing ancillary lottery sales over the second quarter. Back in September 2018, Pollard Banknote announced the acquisition of the Iowa-based provider. As a result, new features were added, increasing the overall appeal of products.
The UK Also Contributed to the Results
This May brought the announcement of Pollard Banknote’s acquisition of Fastrak Retail Limited. This added the force of a UK-based lottery ticket dispensers and improved the performance over the second quarter of this fiscal year. Over the years the company has worked with the UK National Lottery, the Irish Lottery, and most recently with the Illinois Lottery.
iLottery, licensed products, as well as various digital and loyalty products has a positive impact on Pollard Banknote’s overall performance when it comes to sales. What should be taken into account is that instant tickets saw their selling price drop, subsequently resulting in a CA$2-million surge in sales. Diamond Game is a subsidiary company that has been in operation ever since 1994.
It takes care of the lottery tickets of many lotteries across the US, as well as across Class II Native American casino locations. Its sales resulted in an increase in the sales year on year. Charitable games also saw an increase in the selling price that eventually added more to the sales. Recently the Arizona State Lottery announced its collaboration with the Canadian company adding instant lottery offerings over the span of the following six years of operation.