Jumbo Appoints New CFO as Financial Results Climb

By | February 27, 2024
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Sharing its financial results for the six-month period ending December 31, 2023, 1H23, Jumbo Interactive also confirmed Jatin Khosla has begun his new role as chief financial officer.

Revenue for 1H23 reached $73.9m, up 18.4% over the 1H22 figure. Underlying EBITDA was also up 15.5% to $35.1m.

Jumbo CEO and founder Mike Veverka said: “1H23 was a tough comparative period with three $100m+ jackpots including a $160m Powerball. We are very pleased with the solid 1H24 revenue growth in lottery retailing despite slightly lower ticket sales and subdued jackpots. Looking ahead, the second half of FY24 has started extremely well with a record $200m Powerball in February, our best draw to date.

“Despite the final step-up in The Lottery Corporation service fee, disciplined cost management and strong revenue growth resulted in lottery retailing EBITDA margin expansion in the half. Revenue growth from our international subsidiaries was in line with our mid to high single digit growth expectations, with these businesses now representing almost 20 per cent of group revenue.”

Kholsa was announced as the interim CFO last October, but now he officially takes on the role.

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