NYX Gaming 2016 revenues near £100m
Revenues treble following mixture of organic growth and acquisitions of OpenBet, Chartwell and Cryptologic
NYX Gaming Group today reported a 213% increase in full-year revenues for 2016 following strong organic growth and contributions from its hat-trick of recent acquisitions.
Total revenues for the 12 months ended 31 December were CA$163.7m, (£94.25m), which the firm said equated to 47% growth when stripping out the 2015 acquisitions Chartwell and Cryptologic and last year’s buy of OpenBet.
“Revenue from Chartwell/Cryptologic and OpenBet was $8.8m and $78.4m respectively, for the 12 months ended December 31, 2016,” the report read.
Gross profit came in at $144.2m, equivalent to 88.1% of revenues, ahead of the 85.6% profit return in 2015, while adjusted EBITDA was reported as $42.7m, quadruple last year’s figure.
Despite the positive growth figures, acquisition costs and intangible assets repayments saw the company post a net loss of $57.9m, although total assets increased year-on-year from $291.8m to $752.3m.
The firm also gave an indication of Q1 2017 results with revenues expected in the range of $57m to $61m and EBITDA of between $15m and $17m.
“This was a transformational year for NYX,” Matt Davey, NYX Gaming CEO, said.
“With the integration of OpenBet now substantially complete, we are ideally positioned as a leading provider of sportsbook, gaming technology, and NextGen content to the regulated gaming market.
“Since the beginning of 2017, our new operating model has been delivering an improved cost structure that, combined with our growth strategy, will result in increased operating leverage,” he added.
Toronto-listed NYX Gaming’s share price was up almost 15% to CA$1.34 at the time of writing.