EveryMatrix has detailed a strong start to the year “across all three business segments” as continued investments, particularly in support of its in-house capabilities and US ambitions, cause optimism for the future.
Gross profit during the first quarter of the year increased 14 per cent to €13.9m (2021: €12.1m), driven by a global uptick felt across its casino, sports, and platform businesses as well as a “stabilisation of German revenues after the regulatory changes”.
Ebbe Groes, Group CEO of EveryMatrix, noted: “We have started the year with a strong financial performance across all three business segments, driven by our well-balanced and innovative product offering and broad client base. We saw a record number of new client wins in the quarter with 40 deals signed across all products.
“We continue to invest organically for our next level of growth, mainly in our game studios and the North American markets. On top of the organic investments, we are also looking at M&A opportunities.”
However, EBITDA dropped 14 per cent to €4.8m (2021: €5.6m), to remain on part with its 2021 average, due to continued financing across Spearhead Studios, Armadillo Studios and SlotMatrix in addition to additional US spend.
Net Cash grew from €5.9m in Q1 2021 to €11.1m during the current year, with the company reinvesting positive cash flow in future growth and ensuring that it remains debt-free.
Gross added: “The strength of the EveryMatrix team, the number of active leads, client wins and launches, and new product features, together with our continued investments, both organically and through M&A, make me confident about our growth and financial performance in 2022 and beyond.”
