Camelot pays out over £84M in dividends after profit spike

Camelot pays out over £84M in dividends after profit spike

Camelot, which operates The National Lottery in the United Kingdom, has paid out higher dividends to its parent group, thanks to the close to £100 million pre-tax profit it achieved in its last financial year.

The lottery operator’s profit before tax during the 12 months ending March 31, 2016, has reached £96.7 million—a surge from the £89.8 million earnings the company reported in the same period last year, according to Insider Media.

Camelot attributed its growth in profit to the rise in total ticket sales, which reached a record £7.6 billion—the National Lottery’s highest annual total since it was launched in 1994. The UK lottery paid out more than £4.2 billion in prize money—slightly up from £4 billion in the same period last year, according to the report.

Because of this, Camelot’s parent company, Premier Lotteries UK Ltd., received £84.2 million in total dividends, an increase of close to £20 million from last year’s £65.9 million. Premier Lotteries UK is owned and controlled by Ontario Teacher’s Pension Plan, according to the business news outlet.

The news is a silver lining for the lottery operator, which recently had to pull its National Lottery app following reports that it was incorrectly verifying draw results. Camelot also had to pay £300,000 in fines after the Lottery’s website displayed incorrect winning numbers for a Lotto Millionaire Raffle result.