Loto-Québec has published its financial results for Q1 FY2021-22, posting significant growth in key areas from the same period last year as the industry climbs back into its feet following the COVID-19 shutdowns.
The firm’s total revenue for the period improved by 154.9% up to $401.3m, whilst total net income increased by 404.5% up to $195.7m.
Post-COVID-19 lockdowns, the land-based retailers began to reopen gradually from June, which the company claims is fuelling enthusiasm amongst its customer base. However, certain restrictions do remain in place including capacity and opening hours.
Despite the revenue growths from the same period last year, the financial outlook is still bleak compared to FY2019-20, the last fully operational year before COVID. Revenue is still down by 38.8% from the same period two years ago, whilst net income is 42% down from two years ago.
Lottery results impressed, exceeding pre-pandemic levels as players turn to luck throughout the pandemic. Lottery revenues were $284.3m, up 171.6% on FY2020-21 and up 31.6% on pre-pandemic results. Loto-Québec attributes this to the strong success of its Lotto Max brand.
JeanFrançois Bergeron, President and CEO, commented: “I was absolutely delighted and very proud to join Loto-Québec on May 31. It quickly became apparent to me that all our teams are made up of experienced, dedicated and passionate employees, who demonstrated resilience and creativity during the exceptional year we just went through.
“Given that the activities put on hold only resumed a few days before the end of the quarter, we achieved solid results. Coupled with the continuation of our operations, we can be optimistic about achieving our annual targets. Our priority remains to provide a fun and safe environment. I’m very excited about the challenges ahead.”