NYX hails M&A strategy as revenue and profit rocket in Q1

NYX Gaming Group has cited the ongoing impact of its merger and acquisition strategy and long-term growth plan as two of the main reasons behind a significant year-on-year jump in revenue and profit during the three months to March 31.

Total revenue in the first quarter came in at $18.8 million (€16.8 million), which represents an increase of 88.7% on the $9.9 million recorded in the same period last year.

Gross profit was up 85.3% year-on-year to $16.2 million, with an enhanced gross margin of 86.6%, while adjusted earnings before interest, tax, depreciation and amortisation rocketed 102.3% to $4.8 million.

Although, net loss was up 81.5% to $9.1 million, NYX put this down to an impairment charge of $6.5 million, as well as acquisition and restructuring charges of $2.7 million, and fair value adjustment of the derivatives, which came in at $3 million.
 
Matt Davey, chief executive of NYX, said: “We are very proud that Q1 not only marks another strong quarter, but is also a confirmation of our long-term strategy to be the leading provider of digital gaming content and technology worldwide.

“Through our highly successful M&A activity, we have set in place the building blocks for our global business, and are now focused on realising our full potential for the benefit of our customers and shareholders.”

Related article: NYX Gaming Group completes acquisition of OpenBet