Light & Wonder will proceed with a three-year program to repurchase up to $1.0bn in common stock (PS784.9m/EUR931.9m).
This programme will run from June 20, 2027 to immediately. The Light & Wonder Board has approved this.
Light & Wonder had a programme in place to repurchase shares up to $750.0m. This program was due to expire on February 20, 2025. The new program will allow for the group to buy more shares.
Light & Wonder has exhausted its entire $750.0m share repurchase authorization as of yesterday, 13 June. It purchased 11,2 million shares or 11.5% all the shares that were outstanding when the program was launched.
The closing price on the 13th of June was $92.35 and this represents a discount of 28%.
Light & Wonder Growth Strategy Programme
Matt Wilson, CEO of Light & Wonder, welcomes the approval by the Board for this scheme. The repurchase program will support the wider growth strategy of the group, he said.
Wilson stated, “I’m pleased to report that the Board has approved an increased share purchase program.” We continue to execute our growth strategies and return significant capital to our investors.
We are on course to reach our $1.40 billion consolidated AEBITDA goal for 2025, while investing for the future.
Oliver Chow, chief financial officer of the company, also endorses this scheme. Oliver Chow, chief financial officer of the company, also supports this scheme. The new program will enable us to create more value for our shareholders, while highlighting our commitment to drive profitable growth and upside well beyond 2025.
In Q1, revenue topped $756m
Light & Wonder had a very successful first quarter, with revenues increasing by 12,8%. This was the group’s 12th quarter in a row of growth year-onyear.
The revenue for the quarter ending 31 March increased across Gaming, SciPlay, and iGaming. Light & Wonder reported a higher net profit group for Q1, which jumped 272.7%, to $82 million.
The adjusted EBITDA increased by 12.9%, to $281m. This was driven by a strong increase in revenue and margins across all segments.
In Q1, Light & Wonder also made a strategic Investment in the no-code Automation Platform Flows. The group claims that this will accelerate growth in global markets and help scale operations.
This purchase has raised concerns about future deals. While CEO Wilson said the company continues to watch the market, there are no immediate plans for further deals.
