Pollard Banknote Limited, the lottery solutions provider based in Winnipeg, has released its financial data for 2021 and the figures show the company generated record-breaking revenue during the twelve months of the year.
The company’s revenue for 2021 amounted to 459 million Canadian dollars, more than it ever generated in its history that spans more than a century. In fact, Pollard Banknote was established all the way back in 1907, starting out as a commercial printing business. Then, in the 1970, the company made the move towards security printing and eventually into lotteries and iGaming.
The revenue in 2021 was 10.8 percent higher than in 2020, when the company attracted just 414.1 million Canadian dollars. However, the gross profit for the year was just 0.1 percent higher than in 2020, amounting to 91.1 million Canadian dollars. That was due to increased cost of sales, which amounted to 367.9 million canadian dollars, up 13.8 percent year-on-year.
The company’s administrative expenses also grew by 17.1 percent to 47.2 million Canadian dollars, while selling expenses went up by 19.8 percent to 17.5 million Canadian dollars. Equity measurement income resulted in a loss of 12.3 million dollars, 10.7 million dollars more than in 2020.
The company’s total pre-tax income was 27.1 million Canadian dollars, 41.2 percent less than what was recorded in 2020. The total net income for the year amounted to 19.7 million Canadian dollars, a decrease of 40.8 year-on-year.
