Gaming Realms trading ahead of expectations

Finance News

Gaming Realms has said that it continues to trade ahead of market expectations with a 66% rise in full year revenue to £11.4m.

Licensing revenue increased 81% to £7.5m. Social publishing revenue increased 41% to £3.9m. Adjusted EBITDA before share option and related charges of £3.3m.

Social publishing segment generated £1.4m adjusted EBITDA. Head office costs reduced to £2.2m through ongoing cost control. Loss for the year significantly reduced to £1.5m.

Commenting on the results, Michael Buckley, Executive Chairman, said: “The Group made excellent progress in FY20, producing a maiden adjusted EBITDA profit of £3.3m and increasing revenue by 66%. This underscores the success of the Company’s strategy to focus on its core licensing business segment, as well as its social publishing division.

“By securing 26 new licensing and distribution partners throughout the year, of which many were Tier 1 operators, and adding 10 new games to our hugely popular Slingo portfolio, we successfully increased the number of unique players playing our games by 140% and saw increased international demand for our content.

“We remain committed to the expansion of our global footprint, particularly in the U.S. and European regulated markets, through increasing and strengthening our network of distributors, operators and licensors.

With further planned launches in the USA, Denmark, Spain, Canada and Portugal, and a strong pipeline of new and exciting branded Slingo games, the Board is confident in the future prospects of the business and looks forward to keeping its shareholders updated on progress.”