IZI Finance plc - Updated Financial Analysis Summary

On 19 December 2023, IZI Finance plc published an updated Financial Analysis Summary. The following are the main highlights of the expected financial performance and position of IZI Finance plc for the current financial year ending 30 June 2024:

  • Revenue is expected to increase by 22% to €90.2 million (2022/23: €73.8 million) largely reflecting the improved results anticipated from lottery games, including the impact of the introduction of a second ‘Super 5’ draw on a weekly basis.
  • IZI Finance is expecting EBITDA (adjusted for operating leases and deferred charges) of €25 million, compared to €16.6 million in the previous year, as the anticipated growth in income is projected to outpace the increase in staff costs and other operating expenses.
  • Net finance costs are forecasted to remain at just over €5 million which translate to an interest cover of 4.85 times.
  • In terms of financial position, IZI Finance is expecting its total assets to amount to €270.3 million as at 30 June 2024, largely composed of intangible assets (€118.8 million), goodwill (€61.6 million) and right-of-use assets (€49.4 million). Meanwhile, total debt is forecasted at €104.2 million, which includes €33.4 million in lease liabilities. As such, the gearing ratio is expected to remain virtually unchanged at 56%. After accounting for the expected cash of €11 million, IZI Finance is anticipating a net debt of €93.2 million, which translates into a net debt-to-EBITDA multiple of 3.73 times.