Online lottery platform provider NeoGames reported a 344.5% year-on-year increase in net profit to $6.7m (£4.8m/€5.7m) for the first half of its financial year, partly due to the ongoing success of its NeoPollard joint venture.
Revenue for the six months to 30 June amounted to $26.2m, up 18,6% from $22.1m in the same period last year.
Revenue via royalties from turnkey contracts was the main source of income, with revenue here rising 11.8% to $16.1m. Games contracts revenue climbed 22.4% to $979,000, while revenue from the use of IP rights also increased 24.9% to $3.9m.
The largest rise in revenue came courtesy of the provider’s NeoPollard joint venture with Canada’s Pollard Banknote, with revenue here jumping 113.5% year-on-year to $3.7m.
However, while expenses were 32.0% higher at $22.3m for the period and left a reduced operating profit of $3.9m, down 23.5% year-on-year, adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) jumped 53.9% to $18.0m.
