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Jumbo Interactive Records Increased Revenue and Net Profit In First Half of Fiscal Year

Posted on March 22, 2023 | 10:10 am

Jumbo Interactive, one of the biggest digital retailers of national jackpot lotteries and charity lotteries in Australia, has announced its results for the first half of the 2023 fiscal year as it recorded increases both in revenue and net profit.

The Australian company generated revenue amounting to 62.4 million Australian dollars during the six months to 31 December 2022, a figure which represents an increase of 18.1 percent year-on-year.

Revenue from lottery retailing accounted for 50.1 million dollars out of that total, representing an increase of 7.2 percent compared to the same period of the previous year. Revenue from managed services went up by no less than 260.7 percent to a total of 8 million dollars, largely due to the acquisitions of Stride Management and Star Vale. The Australian company also underlined the fact that it generated direct revenue from software-as-a-service of 4.3 million dollars.

During the last six months of 2022 the company spent 9.9 million dollars on cost of sales, 23.1 million dollars on administration charges and 4.3 million on marketing costs, leaving a pre-tax profit of 24.9 million dollars, 4.4 percent more than was recorded in the previous year.

The net profit for the first half of the 2022-2023 fiscal year was 16.3 million dollars after Jumbo Interactive paid 7.7 million dollars in tax. The net profit amount is just 1.2 percent higher than the previous year, while statutory earnings before interest, tax, depreciation and amortization (EBITDA) was up by 6.9 percent to 30.2 million dollars.

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Acquisitions Had Big Impact

The Australian company pointed out that the positive financial results recorded in the first half of the fiscal year were driven by the impact of the two acquisitions that were completed in 2022: Stride Management and StarVale.

Jumbo Interactive completed the purchase of Canada-based lottery management provider Stride Management in June 2022, while StarVale Group, an UK external lottery manager and digital payments business, was added to the portfolio in November 2022.

The two acquisitions had a significant impact in the group’s managed services business, where both revenue and total transaction value (TTV) recorded year-on-year increases.

Mike Veverka, the Founder and Chief Executive Officer of Jumbo Interactive described Stride Management’s contribution to the group earnings as “meaningful” and declared himself “pleased” to have completed the StarVale acquisition as well.

SOURCE“Jumbo hails acquisitions impact as revenue and net profit rise in H1“iGaming Business. February 24, 2023.

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