Light & Wonder swings to profit in 'banner year'
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The news: Shares in ASX newcomer Light & Wonder climbed in early trading as the US-based gambling company swung to profit in the year to December 2023.
The numbers: Light & Wonder posted a net profit of USD180 million ($275 million) compared to a net loss of USD176 million in FY22. Revenue rose 16% to USD2.9 billion, driven by 13% growth in gaming revenue.
Shares were 6% higher to $155.00 by 10:45am AEDT.
The context: Light & Wonder, dual-listed on the ASX and Nasdaq, said growth was driven by double-digit revenue growth across all its businesses, while the gambling corporation benefited from lower losses related to debt financing transactions, which shrank from USD147 million to USD15 million year on year.
After confirming its secondary listing on the ASX in May last year, Light & Wonder reached the ASX 200 in September. The following month the Las Vegas-based business secured a deal with streaming giant Netflix, with plans to roll out new poker machine games based on the hit series Squid Game in April this year.
What they said: Light & Wonder's CEO Matt Wilson, an Australian executive who previously spent 15 years at Aristocrat, said: "2023 was a banner year for Light & Wonder. Our businesses delivered double-digit growth across the board throughout the year, enabled by strategic investments and strong execution".
The source: ASX announcement
