In This Article:
Core content licensing revenue growth of 28%
£5.8m Adjusted EBITDA1 (46% growth excluding brand licensing) and a 51% increase in profit before tax to £3.5m
LONDON, UNITED KINGDOM / ACCESSWIRE / September 11, 2024 / Gaming Realms plc (AIM:GMR), the developer and licensor of mobile focused gaming content, is pleased to announce its interim results for the six months to 30 June 2024 (the "Period" or "H1'24").
Financial highlights:
| H1'24 | H1'23 | Change | ||||||||||
| ??m | ??m | % | ||||||||||
| Revenue (Content licensing) | 11.2 | 8.8 | +28 | % | ||||||||
| Revenue (Brand licensing) | 0.3 | 1.0 | -67 | % | ||||||||
| Revenue (Social) | 2.1 | 1.8 | +17 | % | ||||||||
| Total revenue | 13.6 | 11.5 | +18 | % | ||||||||
| Adjusted EBITDA | 5.8 | 4.8 | +21 | % | ||||||||
| Profit before tax | 3.5 | 2.4 | +51 | % | ||||||||
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Total revenue grew 18% to £13.6m in H1'24 (H1'23: £11.5m)
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Group Adjusted EBITDA grew 21% to £5.8m (H1'23: £4.8m), representing a 43% Adjusted EBITDA margin (H1'23: 41%)
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Excluding brand licensing, the Group delivered adjusted EBITDA growth of 46% as operational leverage comes through
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Total licensing revenues grew 18% to £11.5m (H1'23: £9.8m):
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Content licensing revenue increased 28% to £11.2m (H1'23: £8.8m) with an EBITDA margin of 55% (H1'23: 54%)
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Brand licensing revenue reduced 67% to £0.3m (H1'23: £1.0m) due to two brand deals completed in the same period of the previous year
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Profit before tax increased 51% to £3.5m (H1'23: £2.4m)
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Net cash at period end up 28% to £9.6m (Dec'23: £7.5m) with continued strong cash generation
Operational highlights:
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Launched with 22 new partners globally:
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In North America with FanDuel in Pennsylvania and Connecticut, Fanatics in New Jersey, Michigan and Pennsylvania and Atlantic Lottery Corporation (Canadian Maritime Provincial Lottery)
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In Europe with Solverde in Portugal, DAZN in the UK and Livescore in the Netherlands
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Granted full iGaming Supplier License in West Virginia
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Signed distribution agreement with Playtech which will lead to opportunities in Switzerland and the U.S. as well as other key partners in regulated markets
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Released 7 new games into the market, including Slingo Capital Gains and Slingo Gold Cash. The Group now has 82 games in its portfolio (Dec'23: 75 games, Jun'23: 70 games)
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Increased unique players in the content licensing business by 24% to 3.5m (H1'23: 2.8m)
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Continued to grow the distribution business and launched content with ReelPlay, a second third-party slot studio
Post period-end:
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Licensing revenue increased 33% in the two months post period-end compared to the same period in 2023
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Launched content in West Virginia, the fifth regulated U.S. state to which the Group supplies its content
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Granted iGaming Supplier License in British Columbia
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Launched Slingo Originals content with Danske Spil in Denmark, Betclic in Italy, Bet365 in Pennsylvania and Virgin Bet in the U.K.
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Released Slingo Press Your Luck as well as Slingo Phillies in partnership with BetMGM