Gaming Realms eyes 2017 profit as full-year revenues soar 60%
Operator says it expects business to be profitable this year after cutting its 2016 EBITDA loss from £4.1m to £1m
AIM-listed operator Gaming Realms today reported a 60% rise in 2016 revenues, as the company looks to become profitable in 2017 after cutting its full-year losses to £1m.
Gaming Realms recorded revenues of £34m for the year ended 31 December 2016, up from £21.2m in 2015, driven by a 100% year-on-year increase in real-money revenues to £21.5m.
The total number of new depositing players increased 47% year-on-year to 249,355 during the 12-month period.
Gaming Realms CEO, Patrick Southon
Meanwhile, the company also reported a 22% year-on-year increase in daily social publishing revenue and a 700% rise to £0.8m from its licensing business.
The top-line growth helped Gaming Realms cut its full-year adjusted EBITDA loss to £1m from the £4.1m it recorded last year, and expects to become profitable within the next few months.
Patrick Southon, CEO of Gaming Realms, said: “2016 has been another year of progress for Gaming Realms.
“Having scaled the business our plan is to be profitable in 2017 by continuing to drive top line growth and allocating our capital towards real-money gaming and content licensing.”
Last week, Gaming Realms announced it had struck a trio of B2B deals with tier-one US egaming operators to license its Slingo games content in the regulated New Jersey market for the first time.
Earlier this year, it also launched a new in-house developed product the operator claims is the “world’s first” skill-based online gambling game.
The operator’s share price was up 1.69% to 15.00p on the London Stock Exchange’s sub-market at the time of writing.