Gaming Realms cut losses in the first half of the year following a jump in revenue, led by its licensing business.

For the six months to 30 June 2020, pre-tax losses narrowed to £692K from £2.47m on-year as revenue rose 66% to £5.2m. Licensing revenue grew 104% to £3.4m owing to an ‘increase in distribution and an expanded games portfolio,’ the company said.

The rise in revenues and high margins resulted in adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) growing from £(0.1)m to £1.24m.

“Our exceptional performance in the first half of this year is testament to the strength of the company’s strategy of developing and licensing games to market-leading brands and gaming operators using our Slingo IP, which continues to deliver high margin revenues,” Michael Buckley, Gaming Realms’ executive chairman said in the results statement.

“Whilst our results were enhanced during the COVID-19 period of self-isolation, I am pleased to say revenues in the second half are holding onto levels achieved during the first six months.”

He added: “We are delighted to report that our innovative Slingo Originals content continues to gain momentum, reaching new international audiences thanks to our global network of distribution partners.

“We remain committed to building on this, and growing our global reach during the second half of the year by investing in our unique content and securing further strategic partnership deals.”