Allwyn Q1 2024 financial results: Revenue up 28%

Allwyn International reported 28% year-on-year revenue growth in Q1 2024, or 3% year-on-year excluding the United Kingdom segment and Allwyn LS Group.

Financial Results
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Allwyn International has released its preliminary unaudited financial results for the first quarter of 2024, reporting a 28% year-on-year increase in total revenue, reaching €2.11bn ($2.3bn). 

This growth was primarily driven by contributions from the United Kingdom segment, consolidated from February 2023 and the Allwyn LS Group, consolidated from March 2023.

Excluding these contributions, the company saw a 3% year-on-year growth in total revenue. Revenue from gaming activities (GGR) increased by 27% to €2.02bn, while net revenue rose by 16% to €940.9m. Adjusted EBITDA grew by 3% to €357.8m, though the adjusted EBITDA margin decreased by 4.7 percentage points to 38.0%.

Capital expenditure (CAPEX) saw a significant rise of 84% year-on-year, totalling €45.0m, mainly due to increased investment in the United Kingdom to support Allwyn’s transformation plans for the UK National Lottery.

In Q1 2023, Allwyn completed the acquisition of Camelot UK, the operator of the UK National Lottery until 31 January 2024 and Allwyn LS Group, the operator of the Illinois Lottery. These acquisitions have impacted the company's consolidated metrics and comparability with previous periods.

CEO Robert Chvatal commented: “I am pleased to report that 2024 has started well, with solid operational and financial performance in the first quarter, supported by our ongoing focus on our growth strategies. Q1 also included a key milestone in Allwyn’s history, with our successful start of operation of the UK National Lottery under a new 10-year licence.”

In addition to organic growth, Allwyn pursued inorganic growth strategies. The company announced plans to acquire a 70% ownership interest in Instant Win Gaming (IWG), a supplier of online instant games, to enhance its content offerings. This transaction is expected to close in the second half of 2024.

Financially, Allwyn raised €500m through a bank facility in March 2024 and syndicated a $450m Term Loan B facility. As of 31 March 2024, the company's net debt to adjusted EBITDA ratio stood at 2.1x.

Allwyn has also continued its corporate social responsibility initiatives. The company partnered with the Peace Race for the second consecutive year, supporting the cycling tour aimed at promoting peaceful cooperation within central Europe.

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