Pollard Banknote Q1 revenue reaches $125.7m
The company reached record Q1 highs for its adjusted EBITDA and iLottery operations income.
Pollard Banknote has released its first-quarter financial report for 2024. The company reported a slight increase in revenue when compared to its results from last year’s first quarter.
Revenue for Q1 reached $125.7m. Income from operations nearly doubled in the first quarter when compared to income from Q1 2023.
The company posted $13.4m in income from operations during Q1 2024.
Adjusted EBITDA in Q1 reached $23.7m, an all-time first-quarter high.
The company also reported significant growth in its iLottery operations. During the first quarter, its combined income before taxes reached $14.9m, representing another company high. Income from iLottery operations grew by 36% year-over-year.
Company Co-CEO John Pollard said that the group is pleased with the quarter’s results.
He commented, “We are very satisfied with the financial results of our first quarter of 2024, significantly exceeding all of our critical metrics from the comparative quarter of 2023.
“Both our combined sales (which includes our 50% share of our iLottery joint venture revenue) and our adjusted EBITDA established new first quarter records, attaining $151.2m and $23.7m respectively. The lottery and charitable gaming segments performed well with strong consumer demand continuing.”
The report reflected continued recovers for the company’s Instant ticket margins during the first quarter. Pollard attributed the upswing to “the increasing impact of repriced customer contracts on our average selling prices.”
Pollard discussed the importance of its instant tickets segment by saying, “One of our core businesses is the production and sale of instant tickets and our strategy of repricing our contracts continues to be successful, helping to lay the foundation for increasing margins as our new contract terms come into effect.
“We have repriced the majority of our contracts and we expect to see growing positive impacts on our financial results through the end of 2024 and into 2025. We also experienced some small cost reductions on our key inputs for instant ticket production and are hopeful this trend will continue.”
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