Leading lottery products provider Pollard Banknote has just revealed its financial statistics and highlights for the first quarter or the first three months of 2021. During the quarter which starts on January 1, and ends on March 31, 2021, the company has reported remarkable fiscal results, despite the existence of the unprecedented situation and the lockdown restrictions.
The company is one the biggest if not the biggest lottery products and services suppliers in the industry and its services are used by many lotteries and charitable gaming organizations from around the globe. Additionally, the company is the largest provider of instant tickets and a top supplier of bingo paper and pull-tab products to its partners.
Q1 Results
For the first three months of the current year, Pollard Banknote reported a CA$112.2 million in total sales. This is by far the highest result for Q1 the company has recorded and a 10% improvement over the last yearās first three months. Combined sales, including the corporationās share of its NPi joint venture sales, reached CA$122.1 million, or an 18% increase to last yearās CA$103.5 million.
During the said timeframe the leading lottery products provider has also recorded a net income of CA$7.5 million, an increase of CA$8.8 million net loss. Also, the company accumulated an Adjusted EBITDA of CA$23.3 million which resulted from the positive revenue and margin trends from 2020. This amount is 45% more than last yearās first quarter.
Co-Chief Executive Officer of the company, John Pollard, stated the in the first quarter the company has shown very positive results from its business lines despite the ongoing lockdown restrictions. He explained that the corporationās success is mostly due to its dedication and hard work from its more than 2,100 employees from around the world.
Mr. Pollard also informed that the companyās instant ticket supply has remained very strong during Q1, as US lotteries resume their impressive revenue flow which rivals the pre-unprecedented situation days. He also stated that iLottery continues to flourish as all of the corporationās iLottery operations have generated CA$18.3 million. Also, significant revenue growth has been noticed in the companyās newest jurisdictions such as Alberta and Virginia.
Extension of Cooperation
Previously, the prominent lottery supplier has extended its collaboration with one of the biggest Canadian jurisdictions. The company signed a new deal with Ontario Lottery and Gaming Corporation. Both sides have already enjoyed a great relationship, and with the newest extension, both will collaborate to at least July 31, 2023, the contract also includes a five-year renewal option.
In addition to that, the lottery product supplier continues its expansion and further development in the United States. The company has renewed its contract with the Michigan Lottery. However, this renewal is a rather short-term one, as both companies will partner to at least December 31, 2021. Both organizations already have a significant history between them, as they now have cooperated for over 25 years.
Source: āPollard Banknote Reports 1st Quarter Financial Resultsā, Cision, May 13, 2021
