Pollard Banknote posts $137.8m revenue in Q2

Revenue reached a record high.

Canada.- Pollard Banknote has reported its Q2 2024 financial results. Revenue was a record high of $137.8m, up $7m from the second quarter of 2023. Income from operations reached $19.9m.

The company’s share of NeoPollard Interactive reached $166m. The second quarter gross margin was 21 per cent and adjusted EBITDA reached $32.3m.

See also: Michigan Lottery signs five-year primary instant game contract with Pollard Banknote

Company Co-CEO John Pollard said: “We are extremely pleased with the performance of our instant ticket business during the second quarter, with significantly improved gross margins reflecting the impact of our focused efforts on repricing our contracts. We have repriced a majority of our contracts over the past two years and as these new contracts are now coming into effect, we are seeing gross margins increasing considerably.  This trend will continue as more of the already repriced contracts come on stream.

“Higher sales and production volumes relative to our first quarter of 2024 also contributed to the improved margin, and the mix of product included higher value items relative to the previous quarter. This improved mix is expected to continue in the third quarter, which historically includes higher-value specialty work for the holiday season.”