swells full-year guidance to match ‘commendable’ H1 has adjusted its full year guidance after citing “another period of significant growth” in the first half of 2023, which resulted in group revenue of $52.7m. 

This headline figure represents an upwards shift of 48 per cent from 2022 comparative results that stood at $35m. The global igaming media publisher also revealed its Q2 2023 performance, reporting a 63 per cent increase in revenue from 2022’s $16m to $26m. 

Meanwhile, throughout the year’s second quarter, the group more than doubled its adjusted EBITDA, rising 161 per cent from $3.6m (Q2 2022) to $9.4m, accompanied by a tripled free cash flow of $8.5m (Q2 2022: $2.8m). 

Looking at H1 as a whole, strong trading saw the Nasdaq-listed affiliate marketing firm boost sales by 115 per cent, reaching $13.4m. This performance supported the group’s growth as it registered 91,000 new depositing customers during the period. 

Commenting on the ‘significant’ growth, group CEO and Co-Founder, Charles Gillespie, stated: “The business performed phenomenally in the second quarter, with record operating results reflecting another period of significant organic revenue growth and robust free cash flow generation. 

“The growth underscores our triumph in expanding our North American operations and the continued progress in our more established markets.”

When compared to the same period last year, half-year adjusted EBITDA also doubled to $20m, with strong performance causing cash flow to increase to $11.6m from activities, a 68 per cent rise compared to H1 2022. 

In response to the group’s performance, revenue guidance for the full year has been revised to $100-$104m, while projected adjusted EBITDA now stands at $36-$40m.

“We possess significant flexibility to consistently and strategically invest in growth opportunities, such as the expansion of and the advancement of our media collaborations,” added Elias Mark, CFO. 

“Reflecting our commendable operational results during the initial six months of this year, which surpassed our anticipations, and our optimism for sustained robust performance throughout 2023, we’re uplifting our full-year revenue and adjusted EBITDA forecast. The median of the new estimates denotes a year-over-year growth of 33 per cent and 58 per cent, respectively.”