Content licensing powers Gaming Realms to revenue rise in H1
In total, £6.4m of the revenue came from content licensing revenue. Social gaming revenue hit £1.8m, while brand licensing contributed £300,000 of the overall revenue.
Revenue from North America alone came to £4.7m. During the quarter, the operator was issued with a licence to operate in Connecticut and was given a supplier licence for Ontario.
In Europe, Gaming Realms launched eight new games through its Slingo brand throughout the half-year and entered the Spanish and Danish markets.
“The group has delivered another period of strong growth supported by our ongoing expansion into newly regulated markets in North America and Europe, with content licensing revenue increasing by 57%,” said Michael Buckley, executive chairman of Gaming Realms.
“We have also continued to expand on our existing partnerships, adding new content through our direct integration agreements, as well as signing new licensing deals and launching a series of new games.”
Operating expenses were £5.1m. Breaking these down, administrative expenses for the quarter were £3.7m, while operating expenses came to £1.1m. Share option and related charges were £162,819, and marketing expenses were £53,274.
After these costs, the earnings before interest, tax, depreciation and amortisation (EBITDA) was £3.3m.
Following amortisation, depreciation, finance expense and finance income, the total pre-tax profit was £1.3m.
Tax credit amounted to £44,719, bringing the total profit for the period to £1.3m – a rise of 63.9% from H1 2021.
“While we are mindful of the impact of higher inflation throughout global markets, the outlook for the group remains positive,” executive chairman Michael Buckley said. “The group has a strong new business pipeline and will also see additional revenues coming from North America, as well as from the new market entries in Europe. As such we expect to deliver on market expectations for the full year.”