Gaming Realms PLC Announces Interim Results
- Adjusted EBITDA increased by 37% to £4.8m
- Total revenue grew by 36% to £11.5m
- Content licensing revenue increased by 37% to £8.8m
- Profit before tax increased by 74% to £2.4m
- Net cash at period end up 54% to £4.5m
- Licensing revenue increased by 20% in the two months post period-end
- None.
Gaming Realms plc
(the "Company" or the "Group")
Interim Results
Content licensing revenue grew
LONDON, UK / ACCESSWIRE / September 12, 2023 / Gaming Realms plc (AIM:GMR), the developer and licensor of mobile focused gaming content, is pleased to announce its interim results for the six months to 30 June 2023 (the "Period" or "H1'23").
Financial highlights:
H1'23 | H1'22 | Change | |
| £m | £m | % |
Revenue (Content licensing) | 8.8 | 6.4 | + |
Revenue (Brand licensing) | 1.0 | 0.3 | + |
Revenue (Social) | 1.8 | 1.8 | - |
Total revenue | 11.5 | 8.5 | + |
Adjusted EBITDA | 4.8 | 3.5 | + |
Profit before tax | 2.4 | 1.4 | + |
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|
|
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• Total revenue grew
• Group Adjusted EBITDA grew
• Total licensing revenues grew
· Content licensing revenue increased
· Brand licensing revenue increased
• Profit before tax increased
• Net cash at period end up
Operational highlights:
• Launched with 25 new partners globally, including Bet365 in the UK, Betway, OLG (Provincial Lottery) and LeoVegas in Ontario and Pokerstars in New Jersey
• Submitted iGaming Supplier Licenses in British Columbia and South Africa and the Company was granted its Swedish Gaming Authority License
• Secured brand licensing agreements for Tetris and TAITO's SPACE INVADERS, both expected to launch in the second half of 2023
• Gained ISO 27001 certification, an internationally recognised standard for managing information security
• Released 5 new games into the market, including Slingo Cleopatra and Slingo Money Train. The Group now has 70 games in its portfolio (Dec'22: 65 games, Jun'22: 61 games)
Post period-end:
• Licensing revenue increased
• Launched Slingo Originals content with Betclic in the Portuguese regulated market
• Released Slingo Cosmic Clusters
1 EBITDA is profit before interest, tax, depreciation and amortisation expenses and is a non-GAAP measure. The Group uses EBITDA to comment on its financial performance. The Group uses EBITDA before share option and related charges (Adjusted EBITDA) to comment on its financial performance above.
Outlook for FY23:
Gaming Realms has continued its growth through the first half of 2023, as the Company continues to execute on its core strategy of developing and licensing games globally to market-leading brands and operators delivering high margin revenues.
This Period has seen a record performance for the Group in terms of revenue and EBITDA, driven by our core content licensing business which has had 12 consecutive half years of growth.
This strong momentum is expected to continue into the second half of the year, given the Group is still entering new markets and releasing new games, having recently launched with Betclic in Portugal and having applied for a licence to supply its games to the South African market and to the Lottery in British Columbia.
The European market continues to be the largest contributor to content licensing revenues, having grown
Our revenues from North American content licensing have increased
In total we have launched with 25 partners in H1 2023. This growth is supported by the launch of premium games, including Slingo Cleopatra and Slingo Money Train. With the upcoming launch of Slingo SPACE INVADERS and Tetris Slingo, we are confident of further growth for the remainder of the year and the Board remains comfortable with market expectations around FY23 financial performance.
Commenting on the first half performance, Mark Segal, Chief Executive Officer, said:
"We have delivered a strong first half performance as we have grown our international licensing business with the launch of our innovative Slingo content to a growing number of partners and players.
"The Group has a strong pipeline of new business and the outlook for the Group remains positive. We are seeing growth in our existing partnerships coupled with new operator, product and market launches, which gives us great confidence in terms of the longer term prospects for the business."
An analyst briefing will be held virtually at 11.00am today. To attend, please contact Yellow Jersey at gamingrealms@yellowjerseypr.com.
Enquiries
Gaming Realms plc | 0845 123 3773 |
Peel Hunt LLP - NOMAD and Joint Broker Investec Bank plc - Joint Broker | 020 7418 8900 020 7597 5970 |
Yellow Jersey | 07747 788 221 |
About Gaming Realms
Gaming Realms creates and licenses innovative games for mobile, with operations in the UK, U.S. and Canada. Through its unique IP and brands, Gaming Realms is bringing together media, entertainment and gaming assets in new game formats. The Gaming Realms management team includes accomplished entrepreneurs and experienced executives from a wide range of leading gaming and media companies.
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SOURCE: Gaming Realms PLC
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