GIG hails record first quarter results

OSX-listed Gaming Innovation Group (GIG) has reported strong progress with revenues up 193 percent year-on-year in its first quarter 2017 report.

Increased investment in marketing, however, while driving expansion, has negatively affected EBITDA margins.

Key performance indicators for the 12-week period ending March 31 2017, include:

– Operating revenues of Euro 23.1 million, up 7 percent (Q4/2016: Euro 21.5 million).

– EBITDA of Euro (0.4) million (Q4/2016: Euro 3.9 million).

– B2C revenues of Euro 18.5 million, up 3 percent (Q4/2016: Euro 17.9 million).

– B2B revenues of Euro 6.3 million, up 24 percent (Q4/2016: Euro 5.1 million).

– Marketing expenses of Euro 11.1 million (48 percent of revenues) compared to Euro 7.0 million in Q4 (34 percent of revenues)

“Results for the first quarter of 2017 reflect our focus on building business volumes. We invested extensively in marketing, acquired the largest affiliate to date, signed 7 new brands and contracts to the iGaming Cloud (iGC) platform and continued to develop the next generation online casino,” Robin Reed, chief executive officer of GIG, said.

“Our vision is to make the iGaming industry an open and connected eco-system for the benefit of all. The recent development and acquisitions contributes to the realization of this strategy.”

GIG expects full year 2017 revenues to reach Euro 120 million, excluding revenues from acquired operators, saying the company is well positioned for organic and acquired growth across all three major business areas.

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