Allwyn posts 115% YoY revenue increase for Q2 as Camelot acquisitions drive business

Allwyn International posted a 115% year-on-year (YoY) rise in Q2 total revenue, following the Q1 acquisitions of Camelot UK and Camelot Lottery Services.

Total revenue jumped from €953m to €2bn in Q2, while on a pro forma basis revenue increased just 7% to €1bn.

Gross gaming revenue (GGR) also saw a 115% YoY increase to €1.9bn.

Net revenue was up 51% YoY, amounting to €906m, while operating EBIDTA increased 29% to €357m.

Excluding the two major acquisitions, GGR increased 8% to €979.8m YoY with net revenue also increasing 9% to €665m.

Allwyn noted that cash flow YoY with the two acquisitions was up 31% to €362m, and without including those figures saw a 12% increase to €308m.

Geographically, Allwyn reported small revenue increased in Austria and the UK, while the firm noted a 12% YoY increase in Greek and Cypriot revenue, along with a 9% increase in Czech revenue.

The group’s Camelot Lottery Services arm, which powers the Illinois State Lottery, saw revenue dip 4%.

Robert Chvatal, Allwyn CEO, highlighted strong growth in digital as a driving force behind the strong Q2 numbers.

Chvatal said: “I am pleased to report that Allwyn delivered another quarter of strong growth, profitability and strategic progress.

“We delivered organic revenue growth across markets, and also saw a further step up in profit and free cash flow generation owing to this being the first full quarter of ownership of our recent acquisitions, Camelot UK and [Camelot] LS Group.

“I am happy to report that the good performance in our existing geographies was driven primarily by strong growth in digital, where we have sustained our momentum in product development and innovation.

“Alongside this, we continue to evolve and digitise the customer proposition in physical retail, while during the quarter we once again saw resilience of demand for our products, even in an environment where consumer spending remains under pressure,” he added.