Gaming Innovation Group claims ‘solid’ growth in Q1

Robin Reed, chief executive of Gaming Innovation Group (GIG), has said that the firm is on track to reach its financial targets in 2016 after achieving year-on-year growth during the three months to March 31.

Revenue in the first quarter totalled €7.9 million ($9 million), which represents an increase of 24% on the €6.4 million posted in the corresponding period last year.

Earnings before interest, tax, depreciation and amortisation (EBITDA) came in at negative €0.07 million, but this is a vast improvement on the loss of €1.7 million in the opening quarter of last year.

Gross margin grew from 80% to 84%, while marketing expenses represented 43% of revenue, compared to 59% in the first three months of 2015.

“I am pleased to see that we delivered solid growth and improvements in operating profit,” Reed said.

“We are well under way to reach the target of a solid, positive EBITDA for 2016.

“Strategically we have added on a new vertical to our business through the OddsModel acquisition, providing us with the tools to offer a leading platform for Sportsbook services.

“We continued to scale up operations and capability for our iGamingCloud platform as the iGaming industry has confirmed the attractiveness in our offering.”

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