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Allwyn International has published its Q1 preliminary unaudited financial results for the period ending 31 March.
The multi-national lottery operator reported revenues of €2bn in the first quarter, which represented 28% YoY growth. Robert Chvatal, Allwyn CEO, noted that the increase was primarily driven by the firm’s UK segment quarterly contribution.
Adjusted EBITDA for the company stood at €358m, amounting to a 3% jump compared to the previous corresponding period.
Chvatal additionally reminded investors of Allwyn’s acquisition of Camelot UK in Q1 2023, solidifying its position as UK National Lottery operator after being awarded the licence by the UK Gambling Commission. The firm began operating the lottery in February.
According to the CEO, the acquisition has had a “significant impact” on the group’s consolidated metrics and compatibility with previous periods, with specific differences between the business models of the acquired existing operations also contributing to profit margins not being directly comparable between periods.
Chvatal commented: “I am pleased to report that 2024 has started well, with solid operational and financial performance in the first quarter, supported by our ongoing focus on our growth strategies.
“Q1 also included a key milestone in Allwyn’s history, with our successful start of operation of the UK National Lottery under a new 10-year licence. This represented the coming to fruition of many years of dedication by a team from across our geographies, and we are excited to have already started work on transforming The UK National Lottery for the benefit of all stakeholders.
“On a reported basis, which includes a full quarter contribution from the United Kingdom and Allwyn LS Group, Total Revenue increased 28% year-on-year. Excluding both of these, Total Revenue growth was solid, increasing 3% year-on-year.
“This performance was once again supported by good growth in digital, as well as ongoing product development and innovation. A highlight in the quarter was the launch of Eurojackpot in Greece, bringing a multinational jackpot game to our Greek players for the first time, while we also continued to show progress in customer loyalty schemes and the digitalisation of retail.”
Chvatal continued by saying that equity method investors showed a “strong performance”, leading to an overall “solid profitability”.
In terms of financing, the CEO noted that Allwyn signed €500m of accordion facilities under the company’s Senior Facilities Agreement, with the momentum continuing even after the quarter’s end.
To conclude, Chvatal said: “Overall, I am pleased with the start to the year and believe we are well-placed for the remainder of 2024 and the next chapters of our growth story.”
