Pollard Banknote posts $128.7m in Q3 revenue

November 9, 2023
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Sales were up during the quarter.

Pollard Banknote has published its business and financial results from this year’s third quarter. Income from operations, quarterly revenue and combined sales yielded increases when compared to last year’s third quarter.

The company posted total revenue of $128.7m in Q3, up year-over-year by 2.5%. Pollard posted an all-time high in combined sales during the quarter, with sales growing by almost 8% to reach $150.2m.

Income from operations more than doubled when compared to last year’s total and reached $14.6m.

During the third quarter, adjusted EBITDA rose by 22.8% to $20.2m, another company high, according to the report.

Company Co-CEO John Pollard commented, “Our strong third-quarter results reinforce the value of our strategy focusing on the lottery and charitable gaming industry while expanding our product and solution portfolio.

“Quarterly records were attained in combined sales, adjusted EBITDA and iLottery income before income taxes. More importantly, our repricing strategy for our instant ticket contract portfolio continues to be successful, providing a gradual, positive impact beginning to be meaningfully reflected in our revenue and margins.”

Regarding business results, the company’s iLottery operations brought in $14.3m in income before taxes, nearly double what the company posted a year ago. The West Virginia Lottery granted the company’s NPi joint venture its fifth US iLottery platform deal.

Pollard Banknote said it expects to be live in West Virginia near the end of 2024.

The company 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 market-leading customers.”

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