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Gaming Realms cuts losses as revenue rises in first half of 2017

Gaming Realms has reported a year-on-year increase in revenue during the six months to June 30, and also revealed that it was able to cut losses in the period.

 

Revenue, excluding disposals, came in at £15.7m (€14.5m/$20.7m) in the first half, which represents an increase of 5% on the £14.9m posted in the same six-month period last year.

The firm cited the success of its ‘Grizzly’ proprietary mobile platform, as well as its own Slingo IP driven games and social publishing growth, as some of the key reasons behind this increase.

Elsewhere, adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) was cut from a loss of £3.1m to negative £894,000 in the opening six months of the year, while losses before tax from continuing operations improved from £5.8m to £4.1m.

In addition, marketing expense was slashed by 32% year-on-year from £9.5m to £6.5m,

Earnings per share from continuing operations in the first half came in at a loss of 1.37 pence, compared to negative 2.22 pence in the same period last year.

“The group has made significant progress towards profitability in the first half of 2017, with first-half losses reduced, the board anticipates that the group will be Ebitda positive for the year as a whole. Our strategy of focusing our resources and capital on real money gaming, whilst continuing to deliver content to other operators, is driving revenue growth. Additionally, our focus on synergies, cost management and reduction is driving improved profitability,” – said Chief Executive Patrick Southon.

Further progress is expected in the second half of 2017 across the business with the RGS partnerships with Resorts Digital Gaming and Rush Street Interactive becoming fully operational, the first European partnership with BetVictor recently launched and our game portfolio expanded,” he added.…

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Source: EEGaming.