Mobile-focused game manufacturer Gaming Realms improved its like-for-like revenue by 18% in the first six months of 2019.
Results, excluding real-money gaming and affiliate sections classified as discontinued operations, come after a era in which the company has moved to William Hill, launched three fresh players on the market, and established global delivery agreements with Relax Gaming and Scientific Games.
Licensing revenue increased by 167 percent to £ 1.6 m (H1 2018: £ 0.6 m), adjusted EBITDA loss for continuing operations was reduced to £ 6,280 (loss of £ 441,133) and social publishing revenue decreased by 29 percent to £ 1.5 m (£ 2.1 m), generating EBITDA of £ 0.5 m (£ 1.0 m). However, net cash outflow after cost capitalisation was £ 0.1 m (inflow£ 0.4 m). EBITDA loss for discontinued real-money gaming operations amounted to £ 0.9 m (£ 0.6 m gain).
Gaming Realms expects full-year results to be in line with market expectations for 2019 ahead of new live partners and the completion of new integrations.
CEO Patrick Southon said: “Our strategy to leverage our market leading ‘Slingo Originals’ games library into the UK and international gaming markets continues to gain momentum. Licensing our content to leading brands and gaming operators is delivering high margin revenues and the disposal of the RMG assets has given us greater resources to invest in content creation. We are currently performing in line with management’s forecasts and with new commercial developments in the pipeline we are confident in meeting our full year objectives.”