Gaming Realms cuts losses by £3m and grows key metrics in 2016
Patrick Southon, chief executive of Gaming Realms, has said that the company was able to enjoy a “year of progress” in 2016 after cutting losses by £3m and reporting growth across key financial metrics.
Revenue in the 12 months to December 31, 2016, came in at £34 million (€40.2 million/$43.8 million), which represents an increase of 60% on the amount collected in the previous year.
Real-money gaming revenue jumped 100% year-on-year to £21.5 million, while licensing revenue rocketed by 700% to £800,000 and revenue from daily social publishing increased 22% to £21,600.
Adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) loss for the full year amounted to £1 million, compared to £4.1 million in 2015, although EBITDA in the second half of the year came in at a positive of £2 million.
In addition, the number of new depositing players jumped 47% to 249,355.
“2016 has been another year of progress for Gaming Realms; rapidly growing revenues, reduced losses and EBITDA positive in H2,” Southon said.
“Having scaled the business our plan is to be profitable in 2017 by continuing to drive top line growth and allocating our capital towards real money gaming and content licensing, the most profitable parts of our business.”
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Gaming Realms targets profitability through own content (paywall)