Strong quarterly performance from Gaming Innovation Group
News on 11 Nov 2015
News on 11 Nov 2015
Gaming operator Gaming Innovation Group (GIG) reported all time high quarterly revenues in its third quarter report this week.
The group said it had established a solid platform for expansion through the signing of seven iGamingCloud (iGC) agreements, strong cash flow from Innovation Labs and an increasing number of paying users.
For the three month period ending September 30, 2015 GIG reported all time high revenues of Euro 6 million, up 25 percent compared to its last quarter and 62 percent on last year’s third quarter.
Other key performance indicators included a gross profit margin up 4 percent compared to Q2/2015. Cash flow from operations continued to be invested in growth, leaving an EBITDA of EUR 0.0 million, compared to EUR 0.18 million in Q3 2014.
GIG expects its current portfolio of iGamingCloud agreements to generate an annual contribution of Euro 2.8 million.
“I am pleased to see continued growth in all business areas for the third quarter,” Robin Reed, group chief executive officer said.
“GIG has experienced strong industry interest for the iGamingCloud platform and contracts entered into confirms this view.
“Together with the company’s own brands, innovative solutions and market approach, GIG has established a solid platform and is set to continue its strong growth into 2016”.
