Lottomatica Exceeds IPO Expectations, Solidifying Market Leadership
Date: 2024-02-29 Author: Dima Zakharov Categories: EVENTS
Lottomatica’s Strong Financial Performance
Lottomatica has reported robust financial results for the fiscal year 2023, showcasing a significant increase in revenue. With earnings reaching €1.63 billion, representing a notable 17.0% surge, the company has demonstrated its resilience and market strength.
Impact of IPO on Earnings
The IPO conducted by Lottomatica on the Euronext Milan exchange in April 2023 has played a pivotal role in bolstering its earnings. The company's gross gambling revenue (GGR) soared to €2.8 billion in the third quarter of 2023, reflecting the enduring impact of the IPO on its financial performance.
Strategic Acquisitions and Growth
Throughout the year, Lottomatica has strategically expanded its portfolio through acquisitions. The acquisition of SKS365 Malta, valued at €639 million, has further reinforced its market position. Additionally, the issuance of €500.0 million in notes to fund this acquisition underscores Lottomatica's commitment to strategic growth initiatives.
Optimistic Projections for 2024
Looking ahead, Lottomatica has provided optimistic projections for the fiscal year 2024. Anticipating revenue between €1.80 billion and €1.84 billion, the company aims to sustain its growth momentum. Moreover, with estimated adjusted EBITDA ranging from €625 million to €645 million, Lottomatica remains poised for continued success in the gambling industry.
Conclusion
Lottomatica's exceptional financial results for 2023, fueled by successful acquisitions and the impact of its IPO, position the company as a formidable leader in the market. With promising projections for the upcoming year, Lottomatica is poised to maintain its trajectory of growth and innovation.
