GiG reports 29% surge in Q4 2021 revenue to reach all-time high

Gaming Innovation Group (GiG) has posted a substantial year-on-year (YoY) increase in quarterly revenue for Q4 2021. In its full-year results announcement, the company posted revenue of €18.2m (£15.2m) for Q4 2021, an increase of 29% on the €14.1m reported in the corresponding period last year. EBITDA came in at €5.6m, up 35% YoY from €4.1m in Q4 2020, which meant EBITDA margin rose from 29.1% to 30.7%. The Oslo- and Stockholm-listed service provider reported further positives as its media services division reached an all-time high of €12.8m, an increase of 42% from the previous quarter. FTDs leapt 82% to 60,600. Meanwhile. revenue for its platform services arm amounted to €5.3m, an increase of 8%, generating EBITDA of €200,000. GiG had a busy final quarter to the year as it signed two long-term agreements and launched two news brands, and two other brands completed the development stage by the end of the year. In December, the Malta-headquartered firm also signed a shared partnership agreement to acquire B2B supplier Sportnco Gaming, which is expected to be concluded in Q1 2022. Commenting on the Q4 results, GiG CEO Richard Brown said: “We have closed off 2021 with another strong quarter for the group with revenues at an all-time high. “While pleased with results for Q4, I still very much feel that we are only beginning our journey towards creating full value potential in the group’s business.” GiG also provided a full-year financial update reporting revenue of €66.8m, which was a 28% increase on the €52m posted in 2020. In 2021, GiG saw its marketing expenses balloon to €11.3m, but GiG managed to maintain full-year operating costs of €34m. Brown praised the efforts of his team, and said: “The team and strategy has delivered exceptionally well during 2021 with organic growth of 31% on a full-year basis, and Q4 rounded off this stellar year with another quarter of all-time highs in both revenue and EBITDA.” GiG saw 2021 as a transformative year that has laid the foundations for further growth beyond the European markets. The supplier has signed a three-year extension to its contract with Betsson, which will now see the deal end in Q4 2025. It was also revealed that January “developed positively” with revenue up 20% YoY. Despite the record Q4 revenue, GiG shares were down 7% on the Oslo Stock Exchange at the time of writing.