Earnings call transcript: Pollard Banknote Q2 2025 earnings miss forecasts, stock dips

Looking ahead, Pollard Banknote plans to increase contributions from instant tickets in Q3 2025 and continue pursuing growth opportunities in the iLottery and electronic pull-tab markets. The company remains focused on high-margin opportunities and anticipates further growth in existing iLottery markets. InvestingPro analysts predict the company will remain profitable this year, despite current margin pressures. For comprehensive analysis including Fair Value estimates and growth projections, investors can access the detailed Pro Research Report, available exclusively to InvestingPro subscribers. InvestingPro analysts predict the company will remain profitable this year, despite current margin pressures. For comprehensive analysis including Fair Value estimates and growth projections, investors can access the detailed Pro Research Report, available exclusively to InvestingPro subscribers.

Key Takeaways

• EPS and revenue both missed forecasts, leading to a negative market reaction.
• Gross profit and net income showed declines compared to 2024.
• The company achieved record revenue and adjusted EBITDA for the first half of 2025.
• Expanded product offerings and strategic acquisitions in the gaming sector.
• Competitive pressures and regulatory changes impact market dynamics.

Company Performance

Pollard Banknote demonstrated solid revenue growth in Q2 2025, with sales reaching $142.7 million, an increase from $137.8 million in Q1 2024. Despite this growth, the company saw a decline in gross profit to $23.9 million, down from $29.2 million in 2024. Net income also decreased to $8 million from $11.9 million in the previous year. The company continues to bolster its market position with product innovations and strategic acquisitions, such as the integration of Pacific Gaming and Clarence J. Venn.

Financial Highlights

• Revenue: $142.7 million, up from $137.8 million in Q1 2024.
• Combined revenue: $174.8 million, up from $166 million in 2024.
• Gross profit: $23.9 million, down from $29.2 million in 2024.
• Net income: $8 million, down from $11.9 million in 2024.
• EPS: $0.30 (basic), $0.29 (diluted), compared to $0.44 and $0.43 in 2024.

Earnings vs. Forecast

Pollard Banknote’s Q2 2025 EPS of $0.3154 fell short of the forecasted $0.38, resulting in a 17% negative surprise. Revenue also missed expectations, with actual figures at $142.7 million compared to the forecast of $150.88 million, a 5.42% shortfall. This performance marks a deviation from the company’s historical trend of meeting or exceeding forecasts.

Market Reaction

In response to the earnings miss, Pollard Banknote’s stock declined by 1.18% in after-hours trading, closing at $21.25. The stock’s performance contrasts with its 52-week high of $29.89 and low of $17.19, reflecting investor concerns over the company’s ability to meet financial targets amid competitive pressures.

Outlook & Guidance

Looking ahead, Pollard Banknote plans to increase contributions from instant tickets in Q3 2025 and continue pursuing growth opportunities in the iLottery and electronic pull-tab markets. The company remains focused on high-margin opportunities and anticipates further growth in existing iLottery markets.

Executive Commentary

Doug Pollard, Co-CEO, expressed confidence in the company’s future, stating, "Our business is well positioned to generate improved financial results going forward." John Pollard, Co-CEO, emphasized margin improvement, saying, "We are more focused on trying to increase our overall margins." These comments highlight the company’s strategic focus on enhancing profitability and market position.

Risks and Challenges

• Competitive pressures in the Michigan iLottery market.
• Regulatory changes affecting the charitable gaming market in Minnesota.
• Potential declines in contract contributions, notably in Michigan.
• Market saturation in existing lottery markets.
• Economic conditions affecting consumer spending on gaming products.

Q&A

During the earnings call, analysts inquired about the gradual expansion of eInstant games and the performance of NeoPollard Interactive in North Carolina and Virginia. Concerns were raised about the expected drop in the Michigan contract in Q3 2025, while ongoing requests for proposals (RFPs) for iLottery contracts remain active.

Full transcript - Pollard Banknote Limited (PBL) Q2 2025:

Jenny, Conference Call Operator, Pollard Banknote Limited: Good morning, everyone. Welcome to the Polar Banknote Limited Second Quarter twenty twenty five Results Conference Call. Listeners are reminded that certain matters discussed in today’s conference call or answers that may be given to questions asked could constitute forward looking statements that are subject to risks and uncertainties related to Polar’s future financial or business performance. Certain material factors or assumptions are applied in making forward looking statements, and actual results may differ materially from those expressed or implied in such statements. The risk factors that may affect the results are detailed in Pollard’s annual information form and other periodic filings and registration statements, and you can access these documents at Cedar Plus database found at cedarplus.ca.

I would like to remind everyone that this conference call is being recorded today, Thursday, 08/14/2025. And I would now like to introduce Mr. Doug Pollard, Co Chief Executive Officer of Pollard Banknote Limited. Please go ahead, sir.

Doug Pollard, Co Chief Executive Officer, Pollard Banknote Limited: Okay. Thank you very much, Jenny, and thank you everyone for joining with us today. On the call is John Pollard, Co CEO and Rob Rose, CFO. We released our second quarter twenty twenty five results yesterday. You can access our news releases as well as our financial statements and MD and A on our website at pollardbanknote.com and also on SEDAR plus Today we will start with prepared remarks from myself highlighting our twenty twenty five second quarter operating achievements and overall business update and John will then follow-up discussing our second quarter results.

As usual, we’ll then open it up to questions. So the second quarter was a solid quarter. We continue our investments and we continue to benefit from the breadth of our gaming offerings. We had lower instant ticket contributions relative to last year and some ongoing startup costs of our Kansas iLottery operation were mostly offset by higher contributions from our NeoPolar joint venture as well as higher contributions from our printed charitable products and higher results from our retail solutions offerings. John will provide some specific financial details shortly.

Overall demand for our product at the consumer level remains positive with sales of retail scratch off instant tickets and retail dollar sales up slightly over last year. This comes on the heels of a year or two of relatively flat sales, which in turn followed significant increases during the pandemic years. Our actual sales volume of instant tickets during the 2025 remained steady compared to the 2025, but lower than the second quarter of last year, mostly due to the timing of customer orders and some sales being pushed into the third quarter this year. Based on our current schedules, our third quarter volumes are expected to be higher than the volumes produced and and sold in the 2025. We also continue to focus our pursuit of work from our customers that have higher margins versus chasing lower value work.

Our average selling prices of our instant tickets continues to increase relative to last year owing to the higher selling prices reflecting the full impact of our repriced contracts during 2025. We continue to look at opportunities to appropriately raise our prices and ongoing bid opportunities and we are singularly focused on improving our instant ticket margins with a number of identified strategies to improve not only the revenue side of the margin equation, but also improving our cost structure and our efficiency in order to enhance our margins. In fact, towards that end we have recently added to our instant ticket senior management group to ensure that we have the necessary resources to accomplish our objectives. Demand for our other products and solutions remain solid, including charitable gaming printed products and eTabs and ancillary products and solutions such as retail point of sales and dispensers. A good example of our success building the complete suite of lottery products and solutions was the three year extension during the quarter of our warehouse and distribution solution for the Arizona Lottery where we essentially run this critical component for the lottery instant ticket and pull tab operation.

Our Kansas iLottery solution completed its first full quarter of operations in the second quarter and it continues to meet expectations. As expected in a new startup operation of this size, we will be absorbing a negative contribution to our financial results while the player base builds, but Kansas has become an important calling card in our focus of building our state of the art catalyst gaming platform and proprietary e instant games. Interest by iLotteries and expanding their offerings to include an iLottery solution both in Greenfield solutions or situations I should say and existing operations looking to replace existing technology, that remains very active. Formal RFPs are still in process including the Massachusetts lottery and the Belgian lottery and a number of other lotteries continue the discussion in this area. As you know from our previous discussions, the RFP and sales process for iLottery can be a very long cycle but we are optimistic that further jurisdictions will go down the path of introducing or updating their iLottery technology as this has shown to be a critical component for lottery success.

Our Neopollard Interactive joint venture achieved new record results in the 2025 after establishing a prior record in the 2025, Continued very strong sales of E Instance led the way in Virginia and North Carolina. Our joint venture contracts continue to generate meaningful results and cash flow and with a number of long term contracts and extensions already on the books we will be doing so for a number of years. Our eInstant game studio is producing more eInstant game content and increasing the number of games and customers. In addition to our existing eInstant games deployed in a number of places like Ireland and Kansas, during the quarter we went live with our games in Norway, Virginia and West Virginia and the feedback receiving on these games is very positive. Effective game content is an extremely important success factor in the lottery and charitable gaming world and ultimately one of Pollard’s greatest strengths throughout our history has always been great game content And this is true for both printed and electronic products and solutions, which allows us to not only develop original content, but also the ability to crossover successful game content across multiple platforms such as iconic franchises like Pac Man and Frogger.

Schafer Retail Solutions Plus generated higher contributions in the second quarter led by our legacy ticket dispensers and bolstered by the growing success of our new innovative retail products including our Halo solution, light surround ancillary which effectively highlights and draws attention to retail ticket displays and thereby grows instant ticket sales. Our digital menu board, a creative and individualized way of reaching out to customers at retail to boost sales of lottery tickets. On 04/01/2025, we acquired Pacific Gaming, a leader in the charitable bingo market, particularly in the provision of handheld electronic bingo devices, an important segment in that market. The integration has gone well and combined with our purchase last year of Clarence J. Venn, a leading manufacturer of bingo daubers provides a complete suite of products and solutions for the charitable gaming market.

We are already seeing revenue synergy developing in these customers as we offer items like printed products in connection with these new bingo related solutions. E tab gaming within the charitable gaming market has been a strong performer. Starting 01/01/2025 the state of Minnesota adopted certain regulatory changes on what type of gameplay was allowed. These changes have resulted in a reduction in gameplay and gross gaming revenue across the entire Minnesota market and all suppliers, including us have had their offerings affected. We are currently aggressively developing additional eTab game content and expanding our game content in Minnesota to further adopt to the new regulations and targeting a recovery in gross gaming revenue as a result.

As well, we are investing significantly and now rolling out our newest E Tab Icon cabinets in a number of existing jurisdictions to provide innovative gaming interactions as well as building capacity for new greenfield jurisdictions. We anticipate more jurisdictions coming on stream in the next eighteen months and we will look to expand aggressively into these opportunities. And I’ll finish my comments by providing out that we recently celebrated our twentieth anniversary just couple days ago of our initial public offering back in 02/2005. The lottery and charitable gaming world continues to evolve as it has the past two decades and we are very pleased that Pollard Banknote has evolved during that time while still staying true to our core mission, being a partner of choice to the lotteries and charities that generate money for good causes around the world through our partnerships. Now I’ll turn it over to John Pollard to highlight our first quarter results.

Okay.

John Pollard, Co Chief Executive Officer, Pollard Banknote Limited: Thanks Doug. So during the second quarter, we achieved a traditional GAAP sales of $142,700,000 compared to $137,800,000 in the first three months of last year. Although we’d like to focus on the combined sales, which also includes our proportionate share of our Neopolar joint venture. And on that basis, we obtained revenue of $174,800,000 in this quarter compared to $166,000,000 last year. Our higher instant ticket average selling price in the second quarter of this year increased sales by $4,500,000 compared to 2024, primarily due to the impact of the repriced contracts we’ve been talking about so much for the last year or so and we had a slight improvement, a change in customer mix.

Unfortunately, this increase to revenue was a decrease in ticket sales volumes of $9,200,000 compared to 2024, mainly as a result of certain customers getting pushed later in the year. Higher sales of our ancillary lottery products and services increased revenue in the 2025 by CAD 1,200,000.0. This growth was largely due to increased sales of our retail merchandising products and the distribution services that Doug just talked about. These increases were partly offset by decreased sales of our some of our digital products. Higher charitable gaming volumes increased sales by CAD6.8 million in the 2025 compared to the 2024.

This was largely due to our recent acquisitions of CJ Van and Pacific Gaming. In addition, the higher average selling price of charitable printed products further increased sales by $500,000 These increases in sales were partially offset by a decrease in charitable eGaming or eTAB revenue of $1,500,000 compared to 2024, which was largely due to the impact from the regulatory changes that Doug just talked about in Minnesota. Lower Michigan Isle lottery sales decreased revenue in the second quarter by $900,000 compared to 2024, reflecting the ongoing competitive environment in Michigan from private eye casino gaming. Lastly, the weekend in the Canadian dollar compared to the US dollar and the Euro compared to the same period in 2024 resulted in an increase of approximately 3,500,000.0 in sales. Our gross profit decreased to $23,900,000 or 16.7% of sales in the 2025 from $29,200,000 or 21.2% of sales in the 2024.

This decrease of $5,300,000 in gross profit and the decrease in gross profit percentage that goes with it were caused roughly equally by three things. One, our lower instant ticket margins, which is largely the result of lower instant ticket volumes that we just talked about. Secondly, the impact of our iLottery startup costs related to the Kansas iLottery operation. And thirdly and lastly, to our lower ETAB sales margins largely due to the Minnesota situation that we just talked about. Partially offsetting these decreases in gross profit however were the increased margin from charitable gaming products including the impact of the acquisitions of CJ Van and Pacific.

Administrative expenses were CAD17.6 million in the 2025 compared to CAD16.5 million in 2024. That increase of CAD1.1 million is largely the result of increased software licensing costs and the addition of CJVN and Pacific to our administration expenses. Sequentially, $17,600,000 in this quarter is very similar to the $17,300,000 of admin expenses in the first quarter of this year. Our selling expenses increased to $16,500,000 from $5,700,000 in Q2 of last last year and that increase of CAD 800,000.0 was primarily due to the addition of CJ Van and Pacific. Our share of income from our iLottery joint venture increased to CAD 17,700,000.0 in Q2 from CAD 14,100,000.0 last year.

This $3,600,000 increase was primarily due as Doug just referred to the continued strong instant sales growth in North Carolina, Virginia. Those jurisdictions continue to go really well. And of course, as we pointed out that is a record quarter for our joint venture. Our adjusted EBITDA decreased to $29,200,000 in the 2025 compared to 32,300,000.0 in the 2024. The primary reasons for that $3,100,000 decrease were the decrease in gross profit that we just referred to, net of amortization and depreciation was 4,100,000.0 Substantially that was a result of those three things that we just referred to the instant ticket to lower volumes, our high lottery operational costs during the start of Kansas and the lower retail sales margins in Minnesota.

Further reducing adjusted EBITDA were the increased administration expenses of CAD1 million and the increase in selling expenses of CAD0.8 million and the increase in foreign exchange realized loss of CAD0.8 million. Partially offsetting those decreases to adjusted EBITDA were the increase in our joint venture, Neopolar joint venture income of CAD3.6 million. Interest expense increased to CAD3.1 million in the second quarter from CAD2.5 million in the 2024. That was primarily the result of an increase in average long term debt outstanding compared to the last year largely due to our two acquisitions that we completed in that time. Our net income was $8.00 $8,000,000 in the 2025 compared to CAD 11,900,000.0 in the 2024.

That decrease of CAD 3,900,000.0 is primarily due to that decrease in gross profit that we referred to above. Further reducing income with the administrative expenses of CAD 1,100,000.0, selling expense of $08,000,000 also referred to and the foreign exchange realized loss of $700,000 Also the increase in our interest expense of $600,000 And offsetting those decreases in income were the increase in our Neopolar joint venture income of $3,600,000 and a decrease in other expenses of $1,100,000 So net income per share on a basic and fully diluted basis decreased to $0.30 and $0.29 per share respectively. And second quarter twenty twenty five, that was $0.44 and $0.43 respectively. During the second quarter, our cash flow from operations generated approximately $26,000,000 in positive cash flow. In HR businesses, we can generate significant swings in working capital from quarter to quarter, particularly on our accounts receivable.

During the second quarter, our investment in non cash working capital was reduced following a significant buildup in the 2025, and we anticipate that trend to continue with further reduction in the 2025. Just talking quickly about the international trade and tariff environment. Obviously, there remains significant uncertainty about the nature and extent duration of various protection trade measures including tariffs that have been and may be enacted within North America. We continue to believe that our current structure of our business model including our extensive manufacturing facilities located both in Canada and The U. S.

Will ensure there is no material impact to our operations and financial results. We have the ability to produce almost all of our products we sell to our U. S. Customers in our U. S.

Manufacturing facilities and similar capacity to service most of our Canadian customers from our Canadian capacity. As well our supply chain has options in situations where there could be cross border flows impacted by tariffs for either of our Canadian or U. S. Manufacturing facilities that will also help us to mitigate negative impacts. Lastly, of course historically the lottery and charitable gaming markets we participate in have been generally very resilient to any negative impacts of economic downturns and so should the overall economic environment be impacted negatively by these ongoing trade challenges, we’re well suited to withstand those.

We’ll continue to monitor developments and assess any additional short and long term measures in this area that need to be taken to mitigate any potential negative impacts. Overall though, we really feel we’re in a good position with respect to the whole tariff situation. Lastly, I’ll just end with a quick comment about the results in the first six months combined of 2025. When taken as a whole, our financial results have met our expectations for that period and produced strong numbers. We have achieved record revenue of $288,900,000 in the first six months of the year and also record combined revenue of 352,700,000.0 and the adjusted EBITDA number for our six months of the year is also a record of $59,800,000 So this really reflects just the underlying strength of our lottery and charitable gaming business and the measures that we’ve been taking over the last number of years.

As Doug mentioned, we expect higher contributions from our instant ticket business in the third quarter this year based on greater volumes and improved average selling prices. And we look forward to continued opportunities in other areas of our business, including our iLottery area and our electronic pull tabs in the charitable space. That’s the end of our prepared part of our discussions, operator, and we’d be happy to entertain any questions at this time.

Jenny, Conference Call Operator, Pollard Banknote Limited: Thank you, ladies and gentlemen. We will now begin the question and answer session. Your first question is from Jim Byrne from Ackerman Capital Partners. Your line is now open.

Jim Byrne, Analyst, Ackerman Capital Partners: Good morning, guys. Maybe just a few questions. Maybe on the E instance to start, you mentioned some of the new wins and penetrations you’ve got in Virginia, West Virginia, Norway, Kansas, obviously. When does that start to be impactful, something that you might want to quantify in terms of an impact to the financials in the next is that the next couple of quarters, the next couple of years, maybe just help us understand how impactful that business could be.

Doug Pollard, Co Chief Executive Officer, Pollard Banknote Limited: Thank you, Jim. It’s Doug Palmer speaking here. Let me just say that we are pleased with the progress to build up our eInstant content. Like a lot of things in the lottery world, it is a fairly long sales cycle. And you start out in some of these markets, get one game and you want to show that you can do a good integration and be a good partner to work with and you grow from there.

At the same time, we of course are developing more game content all the time. And even developing that game content, it takes several months to to get a great game. So I I would expect that while that is growing, you know, it’s still gonna be a bit of time before that becomes something that we’re going to break out separately.

Jim Byrne, Analyst, Ackerman Capital Partners: Okay, and then maybe on the NPI, obviously, really strong results. No major jackpot runs here really for the whole year. What do you account for for that strength and how much more growth can you can you expect out of North Carolina and Virginia here?

Doug Pollard, Co Chief Executive Officer, Pollard Banknote Limited: Well North Carolina and Virginia have really done a great job at driving e instant sales. And within NPI, we talked about that a lot that that, you know, we are still trying to drive draw game sales outside of jackpot runs, but it’s hard. What is within our control is the instant sales and that comes from perfecting our marketing that we do to our existing player base. Of course, we’re always trying to grow our player base, but really you’re trying to to bring, you know, more and better games. And remember the unique thing about iLottery is you are building up a database and all bunch of information about those players.

And in many cases, for example, in North Carolina where Pollard Banknote also provides a loyalty solution as part of that. That’s how we build up all these insights in the in the players and that allows us to continue to not just develop games, but, you know, really market those games to those players and and continue to make changes. And, you know, we keep adding things like progressive jackpots and those kinds of things too. So I I think there’s lots of growth still possible in those markets. You know, we may not see the, you know, the 2030% a year growth that we’ve had in in previous years, as they mature, but there’s still lots of growth there.

And of course, I don’t even like to say the name of the game, which is currently rolling, but we’d like to see that continue. That’s an important way of replenishing our player funnel and that’s also going to drive growth going forward too as we then work to market to those players that we acquire in a jackpot run and try to keep them playing on an ongoing but responsible basis with the lottery.

Jim Byrne, Analyst, Ackerman Capital Partners: Okay then maybe just lastly, don’t necessarily want to bring it up but Michigan is changing next year. Maybe just help us understand kind of the puts and takes for your financials when that contract changes next year?

Rob Rose, CFO, Pollard Banknote Limited: I can answer that Jim, it’s Rob here. So, I think it’s pretty clear based on our disclosure, you can see the puts and takes because we do break out Michigan on a contribution basis. So, Michigan as you know is a very competitive market. When they came first out of the gate, were the very successful iLotter and they’re under a lot of competition now with the private iCasinos and you can see our information on the MD and A that we disclosed and in the press release. It’s been fairly flat the last couple of years.

And so essentially, in the third quarter of next year, that will drop off to be as simple as that.

Jim Byrne, Analyst, Ackerman Capital Partners: Okay. That’s great. Thanks, guys.

John Pollard, Co Chief Executive Officer, Pollard Banknote Limited: Thank you, Jim.

Jenny, Conference Call Operator, Pollard Banknote Limited: Thank you. And your next question is from David McTadgen from Cormark Securities. Your line is now open.

David McTadgen, Analyst, Cormark Securities: Alright. Sorry. Yeah. So you you highlighted, you know, a number of high lottery contracts that you guys are chasing. I don’t know if you can comment on this, but we’re always kind of wondering if we’re gonna get news on this in the next quarter or six months.

I think Ohio has been going on for years now. And just kind of wondering, when we might have some news at any and can you provide us any information on that?

Doug Pollard, Co Chief Executive Officer, Pollard Banknote Limited: I mean, unfortunately, there’s no specific news we can give you beyond what we know about the ongoing RFPs that are in progress. And and I can tell you that we speak to lots of lotteries. They are all very well aware that iLottery is an important part of their growth opportunities. And and they’re increasingly starting to see a legislative path to to to move forward with that. But when some of those will actually, you know, get nudged forward to actually issuing an RFP and making a decision, I I don’t think we can forecast that today.

David McTadgen, Analyst, Cormark Securities: Okay. And then just on the instant ticket business, I mean so so it’s kinda it’s kinda been a bit soft in the first half of the year. I know you’re expecting a pickup. But if you look for the full year, and I know you don’t want to provide guidance, is it reasonable to expect that business could grow high single digit this year?

John Pollard, Co Chief Executive Officer, Pollard Banknote Limited: It’s John. I’ll answer that question. From a volume perspective, we are still being a little bit selective about the kind of work we go after in terms of as we’ve talked about for the last year or so in terms of not chasing after some of the low volume work. It does put a bit of more pressure on our sort of pure volume of instant tickets to show increases. We’re more focused on trying to increase our overall margins.

So look, we would anticipate that our volumes for our physical volumes for this year likely would be similar to last year, but we’d expect to be growing our margins overall in the business for sure as we’re going after the work that’s really more valuable to us.

David McTadgen, Analyst, Cormark Securities: Okay. And so just continuing on the whole margin idea, you guys repriced, I think, your business, you know, on the ticket side. I know it takes a while to see

John Pollard, Co Chief Executive Officer, Pollard Banknote Limited: Sorry, Jim. We we we probably repriced more, like, in the range of 75% of it over the last few years because that’s all we could because the other ones hadn’t come up for bid yet. So we’re at about 75%. The remaining ones will come up for bid over the next year, two or three. And depending on market environments at the time we’ll know we’ll we’ll hope to be able to bump those prices up too but we’ll see what happens there.

Yeah we’re not we’re not having repriced all of them yet.

David McTadgen, Analyst, Cormark Securities: Okay. So for the stuff that you’ve repriced, would would Q two be a reflection of the benefits of those repricing? Or we we still have to wait a few more quarters to to get get the repricing cycling through the financials?

John Pollard, Co Chief Executive Officer, Pollard Banknote Limited: Well, of our repricing that we’ve done in the prior years has now flown into both Q1 and Q2 of this year. No difference in those two quarters essentially. We had some differences in our average selling prices due to mix as we’ve talked about in quarterly releases. Just our mix was lower average selling price was therefore lower in Q2 than Q1. So I wouldn’t want to say that Q2 was typical of what we expect for average selling price because you really need to blend the first two quarters together, I would say, to get sort of a more average selling price for us.

But blended together, those first two quarters of this year would reflect all of those price increases on the 75% of our work that we so far have repriced.

David McTadgen, Analyst, Cormark Securities: Okay, alright. Thank you.

Doug Pollard, Co Chief Executive Officer, Pollard Banknote Limited: Thank you, David.

Jenny, Conference Call Operator, Pollard Banknote Limited: Thank you. There are no further questions at this time. Please proceed.

Doug Pollard, Co Chief Executive Officer, Pollard Banknote Limited: Okay. Thank you, Jenny. So just in concluding, we are very excited about the opportunities we see before us and we are confident of the investments that we’ve been making in our business and that are going to allow us to capitalize on those opportunities. Our business is well positioned to generate improved financial results going forward with both our traditional printed products as well as digital products and solutions such as iLottery and E Tabs. 2,600 dedicated Pollard Banknote team members are singularly focused on ensuring that Pollard is the partner of choice for lotteries and charitable organizations as they generate much needed funds for good causes.

Thank you for joining us today and we look forward to updating you on our business in November. Until then, have a great rest of your day.

Jenny, Conference Call Operator, Pollard Banknote Limited: Thank you, ladies and gentlemen. The conference has now ended. Thank you all for joining. You may all disconnect your lines.

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