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Gaming Realms trading slightly ahead of expectations

Gaming Realms PLC (LON:GMR) said the strong momentum it enjoyed last year has continued into 2021, with the company trading marginally ahead of expectations.

Licensing revenues in the first quarter of 2021 rose by 60% year-on-year to £2.1mln from £1.3mln the year before, the company said in its annual results statement covering 2020.

The developer of mobile gaming content had already given a sneak “rough and ready” preview of its 2020 numbers in February but the official numbers proved to be slightly better, with 2020 revenues of £11.4mln, up 66% from 2019’s £6.9mln and adjusted underlying earnings (EBITDA) before share option and related charges of £3.3mln versus a 2019 loss of £0.2mln; the company had previously indicated 2019 revenues of around £11.2mln and adjusted EBITDA of £3.1mln for 2020.

Licensing revenues rose by 81% in 2020 to £7.5mln from £4.1mln in 2019 while social publishing revenue rose by 41% to £3.9mln from £2.8mln.

Adjusted EBITDA from continuing operations totalled £2.9mln, compared to a loss the year before of £0.3mln, with the licensing segment delivering £3.7mln of adjusted EBITDA (2019: £1.4mln) and social publishing chipping in with £1.4mln (2019: £0.8mln). Head office costs were reduced to £2.2mln from £2.4mln the year before.

The loss before tax narrowed considerably to £1.58mln from £4.66mln the previous year.

The company ended the year with cash and cash equivalents of £2.11mln, down from £2.63mln the year before.

“By securing 26 new licensing and distribution partners throughout the year, of which many were Tier 1 operators, and adding 10 new games to our hugely popular Slingo portfolio, we successfully increased the number of unique players playing our games by 140% and saw increased international demand for our content,” said Michael Buckley, the executive chairman of Gaming Realms.

“We remain committed to the expansion of our global footprint, particularly in the US and European regulated markets, through increasing and strengthening our network of distributors, operators and licensors. With further planned launches in the USA, Denmark, Spain, Canada and Portugal, and a strong pipeline of new and exciting branded Slingo games, the board is confident in the future prospects of the business and looks forward to keeping its shareholders updated on progress,” he added.

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