Gaming Realms posts 66% annual revenue rise for 2020
Slingo supplier reports annual revenue of £11.4m as core licensing business grows 81% year-on-year
Gaming Realms has posted a 66% year-on-year (YoY) increase in full-year revenue for 2020.
The AIM-listed firm recorded full-year revenue of £11.4m, up from £6.9m in 2019, driven by a licensing revenue leap of 81%, from £4.1m to £7.5m.
The group’s social publishing revenue also increased, jumping 41% from £2.8m in 2019 to £3.9m in 2020.
Gaming Realms also posted EBITDA of £3.3m, representing a huge increase on 2019’s £0.3m loss.
The business noted it had grown its portfolio of proprietary games to 44 in 2020, having launched with 26 new partners for its Slingo content amid a 140% increase in unique players across its licensing business.
The growth has continued into Q1 2021, with licensing revenue up 60% to £2.1m.
After the reporting period, the Slingo supplier has entered the Italian gaming market after inking deals with Goldbet and Sisal, while also having signed multi-state deals with BetMGM, Golden Nugget and Betfair/FanDuel in the US.
Elsewhere, Gaming Realms confirmed it had received £1m from River Tech to finalise the remaining outstanding costs related to Gaming Realms’ discontinued B2C RMG vertical in the UK.
Michael Buckley, Gaming Realms executive chair, said: “The group made excellent progress in FY20, producing a maiden adjusted EBITDA profit of £3.3m and increasing revenue by 66%.
“This underscores the success of the company’s strategy to focus on its core licensing business segment, as well as its social publishing division.”
Buckley went on to state that Gaming Realms remained focused on its global expansion roadmap, with launches across the US and Europe in the pipeline.
He added: “We remain committed to the expansion of our global footprint, particularly in the US and European regulated markets, through increasing and strengthening our network of distributors, operators and licensors.
“With further planned launches in the US, Denmark, Spain, Canada and Portugal, and a strong pipeline of new and exciting branded Slingo games, the board is confident in the future prospects of the business and looks forward to keeping its shareholders updated on progress,” he concluded.
Peel Hunt analyst Ivor Jones said: “The Slingo product portfolio is expanding and adding partner brands, such as Starburst, which are well-recognised by consumers. Gaming Realms has multiple recently-signed new customers with material revenue growth potential and upside from entry into new markets.”
Despite the financial results, Gaming Realms’ share price was down 9.7% this morning to 40.10p.