- Jumbo Interactive (JIN) has reassured shareholders its sales are on the rise at the company’s latest AGM
- CEO Mike Veverka took the stage on Thursday, going over the lottery manager’s key highlights from the first quarter of FY21
- The Chief Executive lead the update with a spike in sales — figures which the company believes points to strong underlying growth
- However, despite the sales boost, Jumbo’s jackpots were still down 38 per cent in FY21’s opening quarter
- Nevertheless, Jumbo claims it’s only suffered marginal hits to its consolidated total transaction value (TTV) and revenue, falling 6 per cent and 2 per cent, respectively
- Following today’s update and the company AGM, Jumbo shares fell a slight 2.37 per cent to trade for $11.12
Jumbo Interactive (JIN) has reassured shareholders its sales are on the rise at the company’s latest AGM.
CEO Mike Veverka took the stage on Thursday, going over the lottery manager’s key highlights from the first quarter of FY21.
“I am pleased to announce a significant improvement in Jumbo’s underlying performance, including in our key lotteries business,” the CEO announced on Thursday.
The Chief Executive lead the update with a spike in sales — figures which the company believes points to strong underlying growth.
Pleasingly, Jumbo tallied a 36 per cent jump in sales for jackpots worth under $15 million compared to this time last year. In addition, the business saw its sales for $80 million Powerball tickets soar 64 per cent between September last year and July 2020.
Despite the sales growth, Jumbo’s jackpots were still down in FY21’s opening quarter. By the end of September, the company held just eight large jackpots — at the end of the same period last year, Jumbo had hosted 13 large lotteries. Essentially, the slump represents a 38 per cent decrease in the previous corresponding period (PCP).
Even though there’s been a decrease in Jackpots, Jumbo claims it’s only suffered marginal hits to its total transaction value (TTV) and revenue.
The lottery manager’s consolidated TTV came in at $108 million — down just 6 per cent on last year’s $155 million result.
Overall, the improved like-for-like sales outweigh the decline in jackpots and boost Jumbo’s revenue. According to Mike, the group’s consolidated revenue is just 2 per cent lower on the previous corresponding period (PCP), reaching $22.3 million.
Closing off Thursday’s update, CEO Mike Veverka said he was proud of his team’s commitment and performance amid these challenging times.
“We look to the future with the confidence that we have a resilient business in strong financial shape, allowing us to sustainably grow our customer base as we continue to invest in our existing businesses and capitalise on our options for growth,” he signed off.
Following today’s update and the company AGM, Jumbo shares fell a slight 2.37 per cent. Shares are trading for $11.12 per share at 1:15 pm AEDT.