SBC News Allwyn hits peak performance ahead of SPAC merger 

Allwyn hits peak performance ahead of SPAC merger 

Allwyn Entertainment has cited growth across all core markets as it finalises terms for a transformative SPAC merger with Cohn Robbins Holdings (CRHC) that will see the business list as the biggest lottery incumbent of the NYSE. 

Publishing its consolidated H1 Interim trading report, Allwyn (formerly SAZKA Group) registered first-half 2022 gross gaming revenues of €1.77bn. The outcome reflected a €513m GGR gain (+41%) on H1 2021’s comparatives of €1.25bn.

Growth in headline GGR signalled the group’s sustained recovery across the core markets of Austria, Czech Rep and Greece and Cyprus.

In Greece, its OPAP subsidiary registered a 60% increase in GGR to €899m (H12021: €561m) reflecting the uninterrupted performance of OPAP’s Greek retail network and continued online growth of Stoiximan assets.

Despite the impact of continued COVID-19 restrictions on its Casinos Austria subsidiary, the group’s Austrian unit registered a 32% GGR increase to €657m (H12021: €499m), reflecting a period of increased sales for Lotteries Austria (+13%).

Meanwhile, Czech Rep GGR was maintained at €214m, up €17m (9%) on comparative 2021 results of €197m. Allwyn noted a weaker-than-expected performance for its Czech unit, which recorded a H1 drop of instant lottery sales across its SAZKA venues.

H1 trading saw Allwyn register gaming taxes totalling €685m as Net Gaming Revenues (GGR-Tax) amounted to €1.08bn, up 50% on 2021’s results of €723m.

The firm’s consolidated statement cited H1 increased costs in agent commission of €246m (+60%), corporate materials of €249m (+22%), and group marketing costs of €105m (+7%).

Improved bottom-line results saw Allwyn declare an H1 operating EBITDA of €546m, up 47% on H1 2021 results of €371m, helping the group declare a post-tax profit outcome of €248m (H12021: €173m).

Allwyn also disclosed that Cohn Robbins Holdings shareholders had approved a proposal to extend the date by which CRHC must complete the SPAC merger combination from September 11 to December 11, 2022.

CRHC and Allwyn will now benefit from additional flexibility to complete the business combination. “We appreciate the support of CRHC shareholders in approving the business combination with Allwyn,” CRHC notified investors.

“With the additional time our shareholders have provided, we are working diligently to complete the business combination with Allwyn as expeditiously as possible.”

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