Mobile real money and social games provider Gaming Realms plc has delivered a maiden full year adjusted EBITDA of GBP 0.8 million turning its fortunes around from a GBP 2 million EBITDA loss in 2016.
A 7 percent decline in total revenue, attributed to the disposal of white label operations and agency business, was offset by significant cost reductions in social publishing and overall marketing.
Other key performance indicators for the 12 months ending December 31, 2017 include:
– A 113 percent increase in real money gaming EBITDA to reach GBP 2.7 million (2016: GBP 1.3 million).
– Social publishing EBITDA loss reduced 97 percent to GBP 0.1 million (2016: GBP 1.8 million loss)
– Total Revenue down 7 percent to GBP 31.6 million (2016: GBP 34.0 million)
– Revenue excluding disposed non-core assets down by 1 percent.
– RMG revenue increased by 5 percent to reach GBP 22.7 million (2016: GBP 21.5 million)
– Social publishing revenue decreased 13 percent to GBP 6.9 million (2016: GBP 7.9 million), with 45 percent reduction in marketing as well as a reduction in headcount of 19.
– Licensing revenue was GBP 0.8 million (2016: GBP 0.8 million).
Patrick Southon, CEO of Gaming Realms said:
“Achieving profitability marks a major milestone for Gaming Realms. We have continued to deliver on our strategy of developing and distributing our unique Slingo branded range of games, both direct to customers via our in-house gaming and social platforms, and increasingly via licensing our games to third party operators.”
“The focus on content licensing has shown excellent early success and will provide Gaming Realms with longer term, consistent higher margin revenues.
“The recent agreements signed with major gaming and media companies illustrates the creativity of our content, and we look forward to further progress and growth in 2018.”
Business in 2018 has seen four new licensing agreements signed with 888 Holdings, Golden Nugget Casino, Leander Games and Gaming Innovation Group as well as agreeing a partnership launch with the Health Lottery for real money gaming.