Jumbo Interactive released its financial results for the six-month period ending December 31, 2023, also known as 1H23, alongside confirming Jatin Khosla’s commencement of his new position as Chief Financial Officer.
During 1H23, revenue surged to $73.9 million, marking an increase of 18.4% compared to the figures from 1H22. Additionally, the underlying EBITDA rose by 15.5% to $35.1 million.
While initially appointed as the interim CFO in October, Khosla has now transitioned into the role permanently, solidifying his position within the company.
Jumbo CEO and founder Mike Veverka said:
In 1H23, we faced tough comparisons due to three jackpots exceeding $100 million, including a $160 million Powerball. Nonetheless, we’re pleased with the solid revenue growth in lottery retailing during 1H24, despite slightly lower ticket sales and subdued jackpot activity. Looking ahead to the second half of FY24, we’ve had an exceptional start with a record $200 million Powerball draw in February, marking our best draw yet. Despite the final increase in The Lottery Corporation service fee, disciplined cost management and strong revenue growth led to an expansion of the lottery retailing EBITDA margin. Revenue growth from our international subsidiaries met our mid to high single-digit growth expectations, now comprising nearly 20 percent of group revenue.
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