Spin Master said it was pleased with its “strong revenue growth” after revealing its financial results for the three- and six-month periods to the end of June 2022 which showed revenue across its toy revenue grow by more than a third helping its overall revenue soar to more than $500 million for the quarter.
Its overall revenue for the three months to the end of June was up by almost 30%, boosted partly by the big increase in toy revenue, and further aided by growth in digital revenue, which was up by more than 9%, as well as its entertainment business (up 3.3%). Figures for the six month period saw revenue grow to $930.5 million, up 31.5%, driven by toy revenue growing by 35.5% and digital growth of 28.7% compared to the same period in 2021, although entertainment revenue fell by 7%.
“We are very pleased with our strong revenue growth this quarter across all three creative centres amidst a shifting macroeconomic environment”Spin Master’s global president and CEO Max Rangel
Spin Master’s global president and CEO Max Rangel said: “”We are very pleased with our strong revenue growth this quarter across all three creative centres amidst a shifting macroeconomic environment. Our Toy business continued to grow ahead of the industry with the strong performance of our diversified toy portfolio including innovative IP, evergreen franchise brands and popular licensed partnerships. Looking to the balance of the year, we remain confident in our ability to execute on our strategy of reimagining everyday play for children globally, powered by our deep expertise across toys, entertainment and digital games. We believe we are well positioned to manage through external market dynamics to deliver profitable growth and long-term shareholder value, while continuing to invest in growth initiatives.”
Chief financial officer Mark Segal said: “In the second quarter, we maintained our momentum in revenue growth and delivered record margins and profitability. We are committed to our financial framework for value creation, underpinned by our formula for innovation and disciplined global growth across all of our creative centres. Given our strong financial position and operational outlook, we are pleased to introduce our first-ever quarterly dividend. We continue to remain focused on increasing opportunities to leverage our diverse and global platform for organic growth and accretive acquisitions.”
The company added it expected toy sales to grow in the low double digits for 2022.