Gaming Innovation Group reports tripled revenue in Q3-2017
News on 3 Nov 2017
News on 3 Nov 2017
The Oslo-listed online gambling company Gaming Innovation Group (GIG) has reported another strong quarter in its Q3-2017 results, highlighting:
* Revenues up 112 percent year-on-year at Euro 30.8 million, and 16 percent up sequentially;
* Revenue increases were driven by organic growth in both the B2C and B2B sectors, with organic revenues up y-o-y 54 percent ;
* EBITDA at Euro 3 million on a margin of 10 percent, with growth across all verticals (Q3-2016: Euro 1.1 million in Q3 2016) ;
* B2B revenues of Euro 11.6 million, up 171 percent from Q3 2016;
* B2C revenues of Euro 21.9 million, up 93 percent from Q3 2016;
* Marketing expenses of Euro 11.9 million (39 percent of revenues).
Operational highlights Q3 2017 included:
* Gaming: Organic, sequential growth in underlying core markets of 22 percent. Core markets now 95 percent of gaming revenues;
* Lead Generation (GIG Media): Concluding major acquisitions of STK Marketing Ltd and Rebel Penguin;
* Platform (iGC): 7 brands started operations on the platform in the quarter and new significant contract entered into in October.
Outlook
* The company is expecting total revenues to be around EUR 120 million for 2017, including acquisitions revenue;
* Recent affiliate acquisitions have increased geographical and vertical footprint;
* Rapid expansion of GIG Gaming brands in Nordics, UK and Central Europe;
* Expect Gaming (B2C) segment to contribute with positive EBITDA from Q1 2018 due to operational improvement initiatives and launch of Highroller.com;
* iGamingCloud attracting larger customers through improved BI, infrastructure and architecture.
Group CEO Robin Read reported:
“Through the quarter we continued to expand our market presence both strategically and organically. Near term, we have exciting launches to be made and we are also experiencing increasing interest for our offering in all segments. GIG has a strong position in the iGaming industry and we are confident that the company is set to continue the profitable growth into 2018.”
