Supreme Ventures Reporting Best Performing Financial Quarter In The History Of The Company.
In releasing its unaudited financials for the first quarter ending March 2018, SVL President & CEO, Mrs Ann-Dawn Young Sang is reporting that the SVL Group has experienced the best performing financial quarter in the history of the Company. Revenues for the quarter increased by 14% over prior year, amounting to $15.3 billion, with profits at $618 million. Gross profits increased by $491 million, a 40% increase over prior year, attributable mainly to higher sales in Cash Pot, Pick 4, Money Time, Super Lotto, Horse Racing and Sports Betting.
The Group’s record performance, Mrs Young Sang said, was due to continued focus on its strategic priorities, which include revenue growth, optimising cost efficiencies and other gains. The Sports Betting segment recorded a 59% increase, with revenue from the lottery and PIN codes segments growing by 5% and 2% respectively.
While the Horse Racing segment recorded a loss for the quarter, revenues continue to improve due to operational improvements. Mrs Young Sang also referred to the improved operational efficiencies across the Group, as well as the sale of the Company’s Regional Office property in May Pen as contributors to the Group’s record results.
Stimulated by the successful deployment of marketing and retail initiatives, the growth trend in SVL’s lottery games portfolio has continued. As a result, Cash Pot, Money Time and Pick 4 games in particular, have increased in both popularity and sales.
Notably, the Sports Betting segment’s revenues have grown significantly for the period, benefitting from the execution of key initiatives and product offerings, which contributed to a 61% increase over the prior year period. While the VLT business incurred a negative return in gross profit, which came through increased play, coupled with improved and increased customer activity, the VLT route experienced significant growth gains and increased profitability in this area.
The Horse Racing segment recorded an increase in revenue. However, the segment incurred a loss for the quarter, attributable mainly to increased expenditure on repairs and maintenance. SVL’s Management is reiterating its focus on the consistent delivery of an improved non-core revenue package to maintain the momentum achieved, despite the legacy challenges being faced.
“The Group will continue to maintain the positive momentum in the first quarter through the implementation of key strategic initiatives for the remainder of the year. The performance of the Horse Racing segment in particular is being closely monitored, in order to reverse the losses experienced in the first quarter,” noted Mrs Young Sang.
She mentioned that there are several key initiatives being deployed within the year to positively impact the business, chief among them a mobile solution to further enhance the Group’s product offerings and customer experience.
With reference to steps towards regional expansion announced by the Group recently, Mrs Young Sang disclosed, “We have made significant strides with the approval of the licence to enter the market in Guyana. The necessary due diligence and evaluation are currently being executed, with the objective for rollout before the end of 2018.”
The SVL Group also announced, through its Corporate Social Responsibility (CSR) efforts, a Q1 contribution of some $400 million to provide strong national and community support, in the areas of health, education and sport.BM