Stride Gaming swing to profit

Business News

Gambling technology group Stride Gaming swung to a first half profit after it boosted revenue. Pre-tax profit amounted to £1.5m, compared to a loss of £10.2m in the previous corresponding period.

Eitan Boyd Chairman said,, I am pleased to report that the Group has continued its positive trading momentum during the six months ended 28 February 2018. Driven by continued growth in our core Real MoneyGaming business, and underpinned by further investment in Stride’s customer offering, proprietary technology and people, the Group has delivered solid financial results with NGR up 14% to £44.9 million.

After adjusting the prior Period cost of sales to reflect the new POCT which became effective on 1 August 2017, like-for-like adjusted EBITDA also increased by 19% to £8.7 million (H1 2017 like-for-like: £7.3 million).

The Group has a strong balance sheet and is highly cash generative, with gross cash at Period end of £27.9 million (31 August 2017: £26.2 million) and net cash of £22.4 million (31 August 2017: £19.7 million).

This has led the Board to declare an 8% increase in the interim dividend to 1.3 pence per share. The interim dividend will be payable on 1 August 2018 to those shareholders on the Company’s register as at the record date of 6 July 2018. The ex-dividend date is 5 July 2018.