On Friday, Manitoba-based Pollard Banknote Limited released its financial results and highlights for the three and six months ending on June 30, 2023. In Q2, the leading lottery provider saw a record quarterly revenue of CA$130.3 million, which was a solid improvement in the same quarter last year. Meanwhile, for the six months period, the company realized sales of US$254.9 million.
Headquartered in Winnipeg, Manitoba, the company is one of the leading suppliers of instant tickets for over 25 years. It currently partners with over 60 lottery and charitable gaming organizations across the globe. Providing them with various lottery solutions, including market research, validation expertise, algorithm development, lottery management services and more.
Q2 Results
In its latest report, the lottery supplier revealed that in Q2 of 2023, revenue hit CA$130.2 million, or 12.4% more than the results in Q2 of 2022. It also reported combined sales, including ones from NeoPollard, amounting to CA$148.8 million. Meanwhile, in Q2 income from operations reached CA$9.9 million while adjusted EBITDA accounted for CA$22.1 million.
In terms of iLottery operations, the company reported combined income before taxes of CA$11 million which is close to the result from the first quarter of 2023. But it was a solid improvement over the CA$7.5 million from 2Q22. The provider also disclosed higher instant ticket sales earnings in its lottery operations, in comparison to the first quarter of the whole of 2023.
First Six Months of 2023
During the six months that ended June 30, 2023, it clocked sales of CA$254.9 million, which was more than the CA$229.8 million from the same period last year. It also noted larger sales of ancillary lottery products and services by CA$7.6 million. Also, it clocked a higher instant ticket average selling price increase by CA$4.5 million, in comparison to the same six-month period of last year.
The Manitoban firm also indicated higher eGaming systems revenue, which increased by over CA$2.9 million on a year-on-year basis. This was mainly due to a higher number of eGaming machines incorporated into bars, bingo halls, and fraternal organizations. Additionally, it saw a higher average selling price of charitable games, which increase by CA$2.2 million in comparison to the first half of 2022.
Operational Highlights
In the first six months of the current calendar year, Pollard Banknote inked some interesting partnerships, which helped it expand its services. One of those was Atlas Experiences, LLC. Via the deal, the two parties partnered on the launch of a new multi-jurisdictional Frogger instant game program, allowing lotteries to offer a grand prize and access to an integrated marketing campaign.
Another important highlight from the six-month period was its inclusion in Manitoba’s Top Employers for 2023 list. This is an annual competition run by Canada Inc. and recognizes employers in the province with progressive and forward-looking initiatives. The report is co-published by Mediacorp Canada Inc. and the Winnipeg Free Press.
Source: “Pollard Banknote Reports 2nd Quarter Financial Results” PR Newswire, August 11, 2023
