Allwyn CEO Reports Strong Progress In Latest Results
The new operator of the National Lottery in the UK has revealed its latest set of financial results, with a rise in revenues.
Allwyn is also the new operator of the National Lottery in the UK. © ChiniGaray, Pixabay
Key Facts:
- Allwyn’s new financial results show a 7% rise in its revenues
- Company recently took over as operator of the National Lottery
- Tech issues with the lottery have not held Allwyn back this year
- CEO Robert Chvatal has hailed the rise in the company’s revenues
In the third quarter of the year, Allwyn said it recorded revenues of €2,143.0 million, which is up 7% on the same period in 2023.
Its adjusted EBITDA was shown to be €410.8 million, a rise of 12% year-on-year, while this rise spiked to over 20% when the United Kingdom segment and Allwyn’s North America, Technology and Content departments were stripped out of the results.
Allwyn has had a busy year, completing a pair of vital acquisitions during 2024.
Lottery Issues Not Holding Allwyn Back
The big news for Allwyn in 2024 to date was the company completed an acquisition of Camelot UK, which was the operator of the UK National Lottery.
However, new UK lottery operator Allwyn has experienced some problems with the changeover, particularly relating to technological problems.
Allwyn also recently acquired Instant Win Gaming (IWG), which is one of the world’s leading suppliers of online instant games to lotteries.
One of the reasons for the spike in revenues at Allwyn was favourable jackpot cycles in the lottery segment.
The company said in its financial update that its third-quarter results for last year had also been affected by some customer-friendly sports results.
Good Progress And Financial Performance
Robert Chvatal, the chief executive of Allwyn, said the company’s results show “another quarter of good progress and financial performance”, with Cyprus and Greece having been particularly strong areas for the company during this year to date.
He said: “With respect to our inorganic growth strategy, we are very pleased to have completed our planned investment in a 70% interest in Instant Win Gaming in September.”
“The transaction has expanded our footprint and capabilities in content, and further advanced our position in the North America market. During the quarter we also saw a small increase in our interest in OPAP, as a result of OPAP’s share buyback programme.”
“Overall, I am pleased with our continued progress and believe we are well-placed for the remainder of 2024 and the next chapters of our growth story.”
