Lottery retailer Jumbo Interactive has appointed Jatin Khosla as interim chief financial officer following the departure of David Todd.
Todd resigned in July due to unforeseen health reasons. He agreed to remain in office until a successor was appointed and offered his services in an advisory capacity.
Khosla will become interim CFO after two and a half years as head of investor relations at the retailer. He will take on the interim role while Jumbo conducts a review of its global financial and support services.
Before joining Jumbo, Khosla worked as executive manager of investor relations at Suncorp Group. He also served as principal strategic development advisor to UnitingCare Queensland.
Earlier in his career, Khosla also worked in various roles at Prudential, Friends Life Group and FKP.
“I congratulate Jatin on his appointment,” said Mike Veverka, CEO and founder of Jumbo. “I welcome him to the KMP team and look forward to working together to expand Jumbo’s success.
“Jatin has demonstrated a strong understanding of Jumbo’s business and has strong relationships with the external market. David’s retirement means he has big shoes to fill, but I’m confident he can bring his own brand of skill and energy to the role.
“I would also like to thank David for agreeing to work closely with Jatin to ensure a smooth transition and wish him all the best for the future. “He deserves it.”
Record financial year 23 for Jumbo
The appointment comes after Jumbo reported record fiscal 2023 results in August. The retailer reported a year-on-year increase in sales and profits despite struggling with “volatile” jackpots.
In the 12 months to June 30, 2022, only five jackpots were larger than AU$50.0 million. According to Jumbo, there were significantly fewer than 13 last year, which meant there was less incentive for players to buy tickets.
However, group revenue for the full year reached $118.7 million, up 13.9% from $104.3 million the previous year. The lottery generated the most revenue, generating a total of $91.3 million during the year.
Net profit reached $33.7 million, up 7.2% from $31.5 million in FY22. Additionally, EBITDA increased 7.6% to $58.1 million. Dollar.