Pollard Banknote revenue up 9.4% for Q1 2023
Its Co-CEO attributed the results to strong customer demand.
Pollard Banknote has published its first quarter 2023 results for the period ending March 31. The company reported that its revenue grew by 9.4% when compared to the previous year’s corresponding quarter.
Revenue for Q1 reached $124.6m. Pollard Banknote’s income from operations totaled $7.6m, which fell by more than $1m year-over-year.
The company posted adjusted first-quarter EBITDA of $18.6m, down slightly when compared to Q1 2022’s $19m result.
Group Co-CEO John Pollard commented on this quarter’s results by saying: “Our overall financial results for the first quarter of 2023 reflected the underlying strong demand experienced for all of our products and solutions for the lottery and charitable gaming markets and, notwithstanding the inflationary headwinds impacting our instant ticket segment, provide a foundation for continued growth throughout 2023 and beyond.”
Pollard went on to discuss the company’s current repricing plan and the potential effects it could have moving forward.
He said in closing: “Our strategy to offset higher input costs and return to historical margins continues to focus on repricing our customer contracts with selling prices reflective of this new cost structure with every rebid or new RFP opportunity.
“We have been successful in repricing a number of very important contracts in 2022 and we expect to see the positive impact on our instant ticket profit margins gradually increase during 2023 and future years. Additional repricing is expected to continue to occur through 2023 on new rebid opportunities as they arise.”
Pollard Banknote Limited recently signed a joint venture operating agreement with NeoGames, regarding NeoPollard Interactive (NPI). Both companies also amended their Michigan joint venture agreement.
Both deals are intended to “reinforce the long-term approach to ensure the continued success of NPI and accordingly, the operations of its customers.”
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