Genius Sports 2018 revenues up 24% but profits slip
Revenues hit £65.8m although London-based supplier sees EBITDA fall by 26%
Genius Sports recorded a 24% rise in full-year 2018 revenues to £65.8m, according to new figures filed with Companies House.
The London-based provider saw EBITDA fall by 26% to £8.3m following increased investment in product and staff.
Headcount was up 37% during the year to 901 with staff costs up 33% to £29.7m.
Capex grew by 31% to £19.1m, leading to an underlying business FCF loss of £10.8m.
Regulus Partners noted the supplier’s growth was largely driven by ‘Rest of World’, where revenues were up 56% to 48% of mix, with UK up 20% to 11% of total and Rest of Europe flat at 41% of mix.
The reporting period does not include any uplift from Genius securing the exclusive rights to UK football data, which is understood to have successfully sold on to most tier-one UK operators.
The firm will also benefit from increased firepower going forward thanks to its takeover last year by Apax Partners.
Regulus added: “Both of these events are transformational to Genius and potentially transformational to the betting as well as sports rights sectors, with a lot resting on proving IP, adding strategic value and disrupting ‘unofficial’ sources.
“However, Genius’s historical pattern of growing revenue at the expense of profitability will also need to be transformed to deliver sustainable potential in our view.”