GIG Q4 revenues climb 86% on strong B2B growth
Malta-based firm’s B2B division reports a triple-digit rise in revenues as quarterly group revenues hit €40m
Gaming Innovation Group (GIG) today announced an 86% year-on-year rise in Q4 2017 revenues, driven by particularly strong growth from the firm’s burgeoning B2B division.
The Malta-headquartered firm this morning reported revenues of €39.9m for the three-month period, up from €21.5m last year, as revenues from its B2B arm soared 255% YoY to €18m.
The triple-digit growth helped GIG to a €7.9m EBITDA, an increase on €3.9m posted in Q4 2016, as B2C revenues also climbed 42% year-on-year to €25.4m. Marketing expenses increased from €7m to €13.1m.
Today’s financial report comes just days after GIG announced a major deal with Hard Rock International to provide the platform for the firm’s forthcoming New Jersey online casino.
“These achievements are a testament of the capabilities and value of our proprietary technology, products and organisation,” Robin Reed, CEO of GIG, said.
He added: “Our goal is to re-invent the value chain in the industry, replacing it with an open and connected eco-system, benefitting users, suppliers and operators alike.
“I see the recently announced Hard Rock partnership as one evidence of our capabilities to develop these industry leading services.”
Robin Reed, CEO of Gaming Innovation Group
GIG’s full-year revenues increased 125% year-on-year to €120.4m, while EBITDA was also up triple-digits to €12.5m despite a 147% YoY rise in marketing expenses.
“We have taken large strategic and organic steps throughout 2017,” Reed continued. “The effects have now started to be evident in the financial performance. Going forward this trend will be strengthened.
“We look forward to a 2018 where we expect to see more positive results from the initiatives we have made – and those that we have in the pipeline.”