Gaming Realms plc (AIM: GMR), the developer and licensor of mobile focused gaming content, announces its annual results for the year ended 31 December 2022 and Q1 highlights for 2023.
Gaming Realms’ continued focus on content licensing has seen further growth in revenues and high margins. This growth has been in pre-existing markets as well as entering new markets in the year. With the current strong pipeline of games and operators to onboard, the Group’s growth is expected to continue in 2023.
2022 Financial Highlights:
- Revenue increased by 27% to £18.7m (2021: £14.7m)
- Licensing revenue increased by 35% to £14.9m (2021: £11.1m)
- Social publishing revenue increased by 3% to £3.7m (2021: £3.6m)
- EBITDA before share option and related charges (Adjusted EBITDA) increased 34% to £7.8m (2021: £5.8m)
- Profit before tax for the year increased 224% to £3.5m (2021: £1.1m)
- Year-end cash balance of £2.9m (2021: £4.4m) after making a repayment to Gamesys Group of £3.4m resulting in the Group ending the year debt free
2022 Operational Highlights:
- Portfolio of proprietary games on the Group’s remote game server (“RGS”) grew to 65 (2021: 53)
- Launched in 3 newly regulated iGaming markets in North America: Ontario, Quebec and Connecticut
- Launched in 3 further European regulated iGaming markets: Spain, Denmark and Belgium
- Launched with 56 new partners for Slingo Originals content including Pokerstars, Betway, Loto Quebec and Snaitech
- Signed licensing deals with Konami Gaming and Taito Corporation
- Increased unique players in licensing business by 19%
- Phase one of the migration to a more dynamically scalable next-gen RGS platform
- Launched the first 3 games in Europe and North America for 4ThePlayer on our distribution network
2023 Highlights:
- Increased year-on-year revenue by 53% in the two months post year end to £3.7m (2022: £2.4m)
- Launched with 13 new operators including Bet365 in the UK, OLG in Ontario, Rush Street Interactive in Mexico and Betway in Pennsylvania
- Signed an IP deal with Tetris to release a Slingo Tetris game internationally later in 2023
- Released 3 new Slingo games including Slingo Cleopatra and Slingo Golden Envelope
Outlook:
Gaming Realms continues to deliver on its strategy of becoming a leading supplier to the international iGaming market. In 2022, the Group launched in 6 new markets, including Connecticut and Ontario in North America and continues to be strategically placed for new market openings in North America. Gaming Realms is also growing in its existing markets and partners, resulting in growth with a high margin. With 13 new partners already launched in 2023, together with 3 new Slingo games, the Board is confident in the Group’s strategy and expectations as we look ahead at the rest of the current year.
Commenting on the Group’s performance, Mark Segal, CEO, said:
“2022 was another exceptional year for the Group as we continue with our proven strategy of expanding our Slingo portfolio with new titles and entering new iGaming jurisdictions alongside our operating partners. This has supported our 27% revenue growth and we have ended the year with a record profit of £3.5m.
“Having grown our portfolio of games to 65 through 2022 and launched with 56 new partners for our Slingo Originals content, we are experiencing our games being enjoyed on a global level.
“As we look ahead to 2023, the year is already off to an exciting start with 13 new launches implemented and new Slingo games, such as Slingo Cleopatra and Slingo Golden Envelope, already proving popular amongst fans. With our strong foundation built in 2022 already proving fruitful in 2023, we are excited to continue delivering further game launches, new partner deals and expanding our global footprint even further.”
