Gaming Realms posts 29% increase in 2021 revenue
Slingo supplier also announces full-year profit for first time as operations move from strength to strength
Gaming Realms recorded a 29% jump in year-on-year (YoY) revenue for 2021 as the slingo supplier also achieved its maiden profit for a full financial year.
The AIM-listed firm generated £14.7m in revenue for 2021, up from the £11.4m the group posted in 2020.
Of this £14.7m total revenue, licensing revenue grew 48% YoY from £7.5m to £11.1m.
Social publishing accounted for the remaining £3.6m in revenue, although the segment did post an 8% YoY decline from 2020 (£3.9m).
Gaming Realms also announced a 71% increase in adjusted EBITDA from £3.3m in 2020 to £5.7m in 2021.
The group was also able to reveal its first-ever full-year post-tax profit of £1.3m for 2021 after a £1.5m loss in 2020.
Year-end cash balance at the group also increased from £2.1m in 2020 to £4.4m.
Gaming Realms said it is currently trading ahead of management expectations and was confident for its 2022 outlook.
The firm has already increased its licensing revenue in Q1 2022 to £3m compared to Q1 2021 (£2.1m), while it has also launched in Spain with Gamesys and YoBingo.
The supplier has also gone live with Loto-Québec and has secured a supplier licence in Ontario.
Michael Buckley, Gaming Realms executive chair, said: “The group’s commitment to increasing our global presence during the period has provided us with a strong foundation on which to deliver further growth in 2022 as we remain focused on expanding our foothold.
“Momentum has certainly continued into the year so far, having already released four new games and launched in both Spain and Canada.
“With additional planned launches in new markets and with new partners in the pipeline, we look forward to providing further updates in due course,” he added.
Gaming Realms shares were down 1% to 33p in early trading.