Gaming Realms reports maiden quarterly profit

Gaming Realms has reported a quarterly profit for the first time after recording triple-digit Q3 revenue growth from both its real-money and social gaming businesses.

The AIM-listed firm this morning announced a maiden positive EBITDA of £1m for the quarter ended September 2016 on increased revenue of £9.1m and average monthly depositing players of 53,928.

Revenues from the company’s real-money arm increased 113% year-on-year to £5.9m, while its social gaming and licensing business recorded a 189% rise to £3.5m.

“We are pleased with both the continued top line growth and our move into profitability for the first time, especially in a quarter in which we launched several new real money and social games,” Gaming Realms CEO, Patrick Southon (pictured), said.

“Our investment in our own platform is paying off through flexibility, reliability and greater player retention.

“We are delighted with the extended and growing list of partnerships with high profile media companies, opening up new audiences and sources of revenue.”

Gaming Realms recently signed a new partnership with Express Newspapers which will see it power two new online gaming websites for the media giant, called Star Wins and Express Wins.

It had also previously signed a number of B2B deals to launch online gaming sites for popular TV shows including ITV’s The X Factor and Britain’s Got Talent.

The London-based company’s share price was up 2% to 18.50p at the time of writing.