Gaming Realms celebrates first profitable year
Gaming Realms has revealed it was able to achieve profitability for the first time during the 12 month to December 31, 2017.
Adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) came in at £800,000 (€915,500/$1.1m), up from a loss of £2m in the previous year.
Real-money gaming EBITDA climbed 113% year-on-year to £2.7m in 2017, while social publishing EBITDA loss was cut by 97% from £1.8m to €100,000.
However, Gaming Realms did note a 7% year-on-year drop in revenue to £31.6m, but this decline was cut to 1% when excluding disposed, non-core assets.
Patrick Southon, chief executive of Gaming Realms said: “Achieving profitability marks a major milestone for Gaming Realms.
“We have continued to deliver on our strategy of developing and distributing our unique Slingo branded range of games, both direct to customers via our in-house gaming and social platforms, and increasingly via licensing our games to third party operators."
“The focus on content licensing has shown excellent early success and will provide Gaming Realms with longer term, consistent higher margin revenues.
“The recent agreements signed with major gaming and media companies illustrates the creativity of our content, and we look forward to further progress and growth in 2018.”
Meanwhile, Gaming Realms has announced that Michael Buckley is to take on the role of non-executive chairman with immediate effect.
In addition, both Atul Bali and Chris Bell have informed the board they will not stand for re-election at the forthcoming Annual General Meeting due to other professional commitments.
Gaming Realms will now operate with three executive directors and three non-executive directors.
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