Stride Gaming points to challenging markets as losses narrow

Business News

Stride Gaming posted an annual loss after rising revenue was offset by increased taxes and regulatory pressures.

Pre-tax losses for the year through September amounted to £5.0m, narrowing from a £25.6m loss on-year. Revenue grew 8.7% to £89.0m.

The company declared a final dividend of 1.7p per share, up 13% on-year.

Challenges facing the company included the implementation in 2017 of a new point-of-consumption tax, new European data privacy regulations and tighter regulatory controls across the UK gambling industry.

‘Against a very challenging trading environment, we are pleased to report very satisfactory growth in net gaming revenues and an adjusted Ebidta of £16.1m,’ chief executive Eitan Boyd said.

‘Since the start of the current financial year, trading has been satisfactory and in line with our expectations after having absorbed further fiscal and regulatory costs to reflect the changed trading environment our industry is required to operate within.’ ‘We have and will continue to adjust and right-size our cost base to mitigate these pressures.’