Stride H1 revenues up 173% in maiden results

Bingo-led operator Stride Gaming this morning reported a 173% increase in half-year revenues in the firm’s first results since completing its AIM listing earlier this month.

Pro forma net gaming revenues for the six months ended 28 February were £11.7m, compared with £4.3m in the same period last year with an H1 EBITDA of £3.2m and profit before tax of £1.6m.

Revenues were boosted by the acquisition of Table Top Entertainment in a £14.7m deal last year and the launch of the new Bingo Extra and Magical Vegas brands with a 64% increase in funded players to 52,000.

“I am delighted to present the maiden results for Stride Gaming plc as a listed company, which are at record levels across all the key performance indicators of the business,” Nigel Payne, Stride Gaming non-executive chairman, said.

“The organic growth of the business continues at a robust pace and current trading is strong and ahead of management’s expectations. I am optimistic about the Group’s future potential and we believe that the outlook for Stride Gaming is exciting,” he added.

Payne also said the firm now had the platform to pursue “aggressive organic and acquisitive growth plans” after it raised a slightly above estimate £11.2m from its IPO.

Since listing on AIM last week, Stride’s shares have risen 49% to 197p from its initial placing price of 132p.

Stride’s CEO Eitan Boyd told eGaming Review earlier this month that the firm will be using the cash to fund acquisitions, with negotiations with an operator in Spain at an advanced stage.

The firm also plans to transition its Table Top Entertainment brands Jackpot Café, Jackpot Liner and King Jackpot to a new mobile platform.