Pollard Banknote reports $137.8m in Q2 revenue
The supplier said revenue reached a record high this quarter.
Pollard Banknote has posted its Q2 results for 2024. Revenue during the quarter reached a record high of $137.8m.
Income from operations nearly doubled during Q2 when compared results from a year ago and reached $19.9m.
Combined sales during the quarter also increased year-over-year, with sales including the company’s share of NeoPollard Interactive reaching $166m. Sales during the second quarter grew by 11% when compared to Q2 2023.
The second quarter gross margin was 21%, up nearly six percentage points year-over-year. Adjusted EBITDA reached $32.3m during the quarter.
Company Co-CEO John Pollard said that the company is pleased with the progress it has made during the second quarter.
He elaborated further by saying, “We are extremely pleased with the performance of our instant ticket business during the second quarter, with significantly improved gross margins reflecting the impact of our focused efforts on repricing our contracts.
“We have repriced a majority of our contracts over the past two years and as these new contracts are now coming into effect, we are seeing gross margins increasing considerably. This trend will continue as more of the already repriced contracts come on stream.”
Pollard went on to discuss the contributing factors to the growth the company experienced during Q2.
He said in closing, “Higher sales and production volumes relative to our first quarter of 2024 also contributed to the improved margin, and the mix of product included higher value items relative to the previous quarter.
“This improved mix is expected to continue in the third quarter, which historically includes higher value specialty work for the holiday season.”
Pollard Banknote Limited recently released new information regarding its contract with Michigan iLottery. The state’s iLottery has published the results of the Internet Sales Platform & Related Services request for proposal.
Through a joint venture with a third-party technology provider, Pollard Banknote provides services to the Michigan iLottery under a contract that is set to expire in July 2026.
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