Gaming Realms said it has traded ahead of expectations this year, licensing revenue in the first quarter of 2022 rose 43% to £3.0mln from £2.1mln in the corresponding period of 2021.

Revenue in 2021 came in at £14.7mln, up 29% from £11.3mln in 2020. Licensing revenue rose 48% to £11.1mln from £7.5mln in 2020 while social publishing revenue declined 8% to £3.6mln from £3.9mln the preceding year.

Adjusted underlying earnings (EBITDA) soared to £4.98mln from £2.4mln the year before while profit before tax, after £3.1mln

Last year saw the group launch in five new regulated markets, including Michigan and Pennsylvania in the US, and this year will see the group strive to continue to grow its market share in these territories during 2022.

Commenting on the Group’s performance, Michael Buckley, Executive Chairman, said: “2021 was another exceptional year for the Group as we expanded our Slingo portfolio and entered new regulated iGaming markets, increasing revenue by 29% and producing a maiden profit for the financial year of £1.3m.

“Our core licensing business continued to go from strength to strength as we secured 35 new licensing and distribution partners throughout the year that supported a 48% growth in the number of unique players enjoying our content globally.

“The Group’s commitment to increasing our global presence during the period has provided us with a strong foundation on which to deliver further growth in 2022 as we remain focused on expanding our foothold in these territories. Momentum has certainly continued into the year so far, having already released four new games and launched in both Spain and Canada. With additional planned launches in new markets and with new partners in the pipeline, we look forward to providing further updates in due course.”