Jumbo Interactive Reports Strong 1H23 Financial Results and Welcomes Jatin Khosla as CFO
Jumbo Interactive has announced its financial results for the six-month period ending December 31, 2023 (1H23), alongside the confirmation of Jatin Khosla assuming the role of Chief Financial Officer.
During 1H23, Jumbo Interactive reported revenue of $73.9 million, marking an 18.4% increase compared to the same period in the previous year (1H22). The underlying EBITDA also saw significant growth, rising by 15.5% to $35.1 million.
Mike Veverka, CEO and founder of Jumbo, acknowledged the challenges of the comparative period, citing three $100 million+ jackpots, including a $160 million Powerball. Despite this, Veverka expressed satisfaction with the solid revenue growth in lottery retailing during 1H24, even amidst slightly lower ticket sales and subdued jackpots. He also highlighted the exceptional start to the second half of FY24, with a record $200 million Powerball draw in February, representing the company’s best draw to date.
Veverka attributed the success to disciplined cost management and strong revenue growth, resulting in lottery retailing EBITDA margin expansion in the half. Additionally, revenue growth from international subsidiaries met expectations, aligning with mid to high single-digit growth projections and now accounting for nearly 20% of group revenue.
Jatin Khosla, who was initially announced as the interim CFO in October, has now officially assumed the role. His appointment underscores Jumbo Interactive’s commitment to maintaining strong financial stewardship and driving continued growth and innovation in the lottery industry.
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