Gaming Realms ahead of expectations after ‘another exceptional year’

Codere Online has praised its H1 2022 performance as the firm has witnessed a sharp revenue growth when compared to the year prior.

Gaming Realms has stressed confidence in achieving management expectations through 2022, after the group detailed a past 12 months that it was “another exceptional year” for the company.

The comments come as the gaming content developer and licensor confirms its financial performance for 2021, as well as providing an update on its highlights through the current period.

During a year which saw the company launch igaming operations across Italy, Romania and the Netherlands, as well as Michigan and Pennsylvania, revenue increased 29 per cent to £14.7m (2020: £11.4m).

This saw licence revenue secure a 48 per cent uptick to £11.1m (2020: £7.5m), with its social publishing division down eight per cent to £3.6m (2020: 3.9m).

EBITDA rose 146 per cent to £5m (2020: £2m), with £2.5m (2020: £2.9m) in head office costs, due to an increase in share option and related charges and growth in business activities, more than offset by £6.4m (2020: £3.5m) and £1.1m (2020: £1.4m) across its licensing and social publishing segments. Profit after tax for the year closed at £1.3m (2020: -£1.5m).

Michael Buckley, Executive Chair of Gaming Realms, commented: “2021 was another exceptional year for the group as we expanded our Slingo portfolio and entered new regulated igaming markets, increasing revenue by 29 per cent and producing a maiden profit for the financial year of £1.3m. 

“Our core licensing business continued to go from strength to strength as we secured 35 new licensing and distribution partners throughout the year, that supported a 48 per cent growth in the number of unique players enjoying our content globally.”

Moving forward, Gaming Realms is looking to maintain momentum with regards to expanding its games portfolio and regulated market reach, with licensing revenue reportedly up 43 per cent during Q1 2022 to £3m (2021: £2.1m).

The Gaming Realms board has stressed confidence in the group’s strategy for the current year, with trading currently said to be ahead of expectations.

“The group’s commitment to increasing our global presence during the period has provided us with a strong foundation on which to deliver further growth in 2022 as we remain focused on expanding our foothold in these territories,” Buckley added. 

“Momentum has certainly continued into the year so far, having already released four new games and launched in both Spain and Canada. 

“With additional planned launches in new markets and with new partners in the pipeline, we look forward to providing further updates in due course.”