Irish lottery operator to pay French owner €35m
French lottery operator La Française des Jeux (FDJ) acquired Premier Lotteries Ireland, which holds the exclusive rights to operate the Irish National Lottery until 2034.
The deal placed a €350m enterprise value – which includes debt – on the transaction.
It saw all three shareholders in Premier Lotteries Ireland sell their stakes. The owners were Ontario Teachers' Pension Plan, An Post and An Post Pension Fund.
Now FDJ is taking cash off the table.
In a company filing for Premier Lotteries Ireland, a resolution details the amount of cash that will be extracted by FDJ.
It's being undertaken by way of a reduction in the Irish company's capital. It will result in the cancellation of 35m shares in the firm, each of which are held by FDJ.
It's intended that the money will be returned as cash to the French owner on May 26.
Last month, a 'bonus issue of shares', amounting to 72.7m shares in Premier Lotteries, was handed over to FDJ.
The latest set of publicly available accounts for Premier Lotteries Ireland show that it made a €7.7m operating loss in 2023. That compared to an €8.2m operating profit in 2022.
The accounts also show that a €100m dividend was paid during 2023 to shareholders.
Lottery sales in 2023 hit €829.4m. Of that, draw-based games generated €531.5m in revenue. Sales of scratch cards and interactive instant win games were €298m.
At the end of 2023, there were almost 5,200 sale points throughout the country. Online sales in 2023 fell to €132.m from €141.4m the year before.
Prizes fell to €478m from €485m in 2022.
Under the terms of the lottery licence, 65pc of gross gaming revenue has to be paid to fund good causes.
The Ontario Teachers' Pension Plan, acquired the lottery operator in 2014 for €405m. That deal that granted a 20-year licensing period and included An Post and An Post Pension Funds as junior partners
While An Post has been a minority shareholder since the licence was privatised in the wake of the financial crisis, the sale to the French firm in 2023 meant there was no state involvement in the National Lottery for the first time since it was created.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Irish Independent
11 minutes ago
- Irish Independent
Historic Louth shopping centre building hits the market with €500,000 guide price
The Abbey Centre front building along Drogheda's main street offers a 'prime refurbishment opportunity' The historic Abbey Centre front building on West Street, Drogheda, Co. Louth has been listed for sale, offering a 'prime refurbishment opportunity' in the heart of Drogheda town centre. The building along Drogheda's main street is advertised at a guide price of €500,000. It has been a feature in the town for many decades, dating back to its opening as a shopping centre in 1973 by Val Doonican. The shopping centre replaced the Abbey Ballroom and Bogue's Sawmills at the time, after the previous ballroom had tragically burned to the ground marking an end to a social era in the town. 'Val' Doonican was an Irish singer of traditional pop and one of the biggest names on TV, attracting a crowd for the official opening. The building changed hands privately over the years and was subject to another fire and suspected arson incident in 2021. The 'for sale' property is advertised as an 'excellent building that is in need of a thorough refresh' and currently in a 'hazardous state', in need of repair throughout. The front building is spread across three and a half levels, with a floor area of approximately 10,000 sq ft. It contains two shops, a wide foyer, an ex-nightclub (in the basement area) and two large floors of offices.
Irish Independent
32 minutes ago
- Irish Independent
Food price surge putting pressure on family budgets
The cost of food is now rising at more than twice the level of general inflation, according to consumer price index figures for May from the Central Statistics Office (CSO). General consumer inflation was 1.7pc in the year to May. But food prices rose by 4.1pc in the year. Staples such as butter, beef, bread, cheese and spaghetti prices are all up in the supermarkets, the CSO figures show. The price of a pound of butter shot up by €1.03 in the 12 months to May. CSO statisticians recorded the cost of a pound of butter at €4.72. The cost of two litres of full-fat milk is up 27c in the year to €2.46. Consumers are being forced to pay an extra 57c per kg of Irish cheddar, with an 800g loaf of white/brown sliced pan 5c dearer. Spaghetti per 500g is 2c more expensive than last year. There was a reduction in the price of a 2.5kg bag of potatoes of 25c when compared with May 2024. The surge in food prices is despite the fact that overall consumer prices remained unchanged in the month between April and May this year. ADVERTISEMENT Anthony Dawson, Statistician in the CSO prices division, Anthony Dawson, said: 'Today's release of the CPI [consumer price index] shows that prices for consumer goods and services in May 2025 rose by 1.7pc on average when compared with May 2024. The rate of inflation may have eased a bit in the past few months from as high as 9pc, but consumers are still paying elevated prices for goods and services after two years of rapid cost increases. This is especially the case with energy and groceries. This country had the sharpest rise in agricultural output prices in Europe between the first three months on last year and the same period this year. Agricultural output prices were up 19pc in the period, according to Eurostat. Agricultural output is the value of final goods and services produced by farmers. Farm gate price rises is one of the reasons Agriculture Minister Martin Heydon warned this week that the recent surge in food prices is unlikely to be reversed. He said it reflects farmers' input costs, Agriculture Minister Martin Heydon has warned. Irish consumers have seen food prices rise more than 4pc in the past year, Central Statistics Office data showed in May. That's around three times faster than general consumer inflation. UCC economist Oliver Browne has calculated that grocery prices have increased by 36pc in the last four years. The inflation figures show motor insurance premiums up by 8.4pc in the year to May. This is the 21th month of rising motor insurance costs. Home insurance was up again, rising by 5.1pc. Health insurance costs are up by 8.7pc, the CSO said. Regulator for the sector, the Health Insurance Authority, said the average health insurance premium is now approaching €2,000, up more than €480 in the past two years.
Agriland
an hour ago
- Agriland
Tesco reports increased Q1 sales across Ireland and UK
Tesco has said that 'increased customer satisfaction' has helped to contribute to continued market share gains in Ireland and the UK. The retailer has today (Thursday, June 12) published its first quarter (Q1) trading statement 2025/2026. Tesco said its group sales were £16.4 billion in the period, up 4.6% on a like-for-like basis. Tesco The retailer said sales in Ireland and the UK totalled £15.38 billion in the 13 weeks up to May 24, 2025. This represents a 4.7% like-for-like increase in the same period last year. In Ireland, Tesco said that Q1 sales were worth £772 million, up 5.5% on a like-for-like basis on the same period in 2024. The retailer reported continued growth in Irish market share to 23.3%, delivering 40 consecutive four-week periods of share gains. The report shows that Irish food sales were up 5.8% with volume growth supported by continued investment in the retailer's fresh proposition. Tesco noted growth across all channels in Ireland, led by online with sales up 19.8% which continues to benefit from the launch of same-day 'Click & Collect' and home delivery last year. UK In the UK, Tesco holds a 28% market share with 24 consecutive four-week periods of share gains which was driven by 'further improvements in quality and value perception'. There was growth reported across all channels, led again by online, where sales were up 11.5%. UK sales stood at £12.3 billion in Q1, up 5.1% on a like-for-like basis. Food sales were up 5.9% in the period, with a strong contribution from fresh food. In central Europe, the retailer reported sales of £997 million, up 4.1% on a like-for-like basis. Fresh food sales in the region were up 7.3% in Q1, with strong contributions from produce, dairy and bakery categories. Ken Murphy, Tesco chief executive, said the company was 'pleased with our performance across the first quarter', adding that 'the market remains intensely competitive'. 'Our continued commitment to delivering great value, quality and service for our customers has contributed to like-for-like sales growth across all parts of the Group. 'In the UK we have continued to see market share gains and increased customer satisfaction across a wide range of measures, a reflection of our powerful value proposition, strong availability and focus on product quality and innovation. 'We introduced over 350 new own-brand products across the quarter, including the launch of our exciting summer food range, and Finest is going from strength to strength, with sales up 18% year-on-year,' he said. Tesco said that its guidance is unchanged from its preliminary results published on April 10. The retailer continues to expect group adjusted operating profit of between £2.7 billion and £3 billion for the 2025/2026 financial year (FY) (FY 24/25: £3.128 billion).
