Bragg predicts 25% revenue rise in FY 2021 results
The igaming and technology provider expects to report fourth quarter revenue of €15.4m, an increase of 11.5% compared to Bragg’s 2020 results. Adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) for the quarter is estimated to be €1.3m, level with Q4 2020.
This has contributed to projected full-year revenue of €58.0m (£48.8m/$66.1m) for the business in 2021, with adjusted EBITDA expected to rise 27.7% to €7.0m.
As such Bragg has raised its parameters for full-year 2022 revenue from the range of €59m to €61m, to between €68m and €72m, meaning a potential year-on-year increase of 24.1%.
Adjusted EBITDA for 2022 was also raised, moving from a €6.0m to €7.0m range, to between €9.5m and €10.5m. This could be an increase of up to 50.0%.
Bragg attributed the increases in financial ranges to the momentum from its current operations. Since January 2021, Bragg’s Oryx Gaming subsidiary has gone live in a number of regulated markets, including the Netherlands, Switzerland and Greece.
Yaniv Spielberg, chief strategy officer for Bragg, said the company’s growth was likely to continue throughout 2022 and 2023.
“The ongoing execution of our igaming content and platform expansion and new market initiatives are driving Bragg’s consistent operating momentum leading to near and long-term financial growth,” said Spielberg.
“As such, Bragg is favourably positioned to achieve our increased 2022 financial projections and to then continue to accelerate our growth in 2023.”
Bragg is in the process of completing its $30m acquisition of Spin Games, further strengthening its ability to grow in a total addressable market (TAM) worth an estimated $9.5bn by accelerating its US expansion.
“As we move closer to completing our acquisition of Spin Games, whose existing relationships with leading US igaming operators will significantly accelerate our entry into the market and continue to make consistent progress with entering new regulated global igaming markets, we remain on track to substantially grow our year-end 2022 TAM approximately six-fold compared to the beginning of 2021 to more than USD$18bn,” Spielberg added.
Last week Bragg appointed Lara Falzon to the position of president and chief operating officer.