Stride Gaming eyes acquisitions as H1 profits soar
Operator highlights "significant acquisition opportunities" following 29% year-on-year growth in EBITDA
Stride Gaming has reported a 29% year-on-year increase in H1 2016 profits as the real-money bingo and social gaming operator sets its sights on new acquisition targets.
In a trading update this morning, the firm announced adjusted EBITDA of ?5.6m for the six months ended 29 February 2016, up from ?4.4m in the comparative period last year.
Net gaming revenue increased 21% year-on-year to ?21.6m following strong growth from its real-money gaming arm, which was boosted by the recent acquisition of mobile-focused gaming company InfiApps.
And according to the operator’s CEO Eitan Boyd, Stride Gaming is looking to complete additional acquisitions throughout 2016 to complement its organic growth.
“We continue to view the increased regulatory environment as an opportunity for us to grow our market share and believe there are significant acquisition opportunities available,” he said.
“We will continue to monitor potential selective acquisitions that support our existing operations or that allow us to expand into complementary verticals,” Boyd added.
Stride Gaming acquired InfiApps for US$39.2m (?25m) last July which came just weeks after it raised ?11.2m from its initial offering on London’s Alternative Investment Market.