Chinese lottery supplier AGTech Holdings has reported an 89 per cent increase in revenue to HK$48.5m for the first quarter of 2015, with the company hoping that regulatory and policy developments in China will accelerate its business expansion plans.

AGTech said that the strong year-on-year growth was a result of the improvement in revenue from the company’s hardware division, which now supplies 29 provinces, cities and municipalities in China with lottery hardware. It provides these services through subsidiary GOT and the recently acquired Zoom Read, manufacturer and supplier of paper scratch card sales hardware.

AGTech noted that China’s lottery hardware market had started relatively slowly this year, but said it expects this to be a temporary feature.

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