Stride Gaming narrows losses in FY 2018 results
News on 21 Nov 2018
News on 21 Nov 2018
Stride Gaming Group published its full year results for the 12 month period ending August 31, 2018 expressing satisfaction at the progress the company had made in significantly narrowing losses after tax and discontinued operations.
Stride attributes progress over the past year to a strong performance of the company’s proprietary platform and the resulting increase of 23.8 percent in real money net gaming revenue.
Key financial highlights for the full year ending August 31, 2018, include:
Group NGR increased 8.7 percent to GBP 88,9 million attributed to a strong performance in real money gaming.
Real money NGR grew 23.8 percent to reach GBP 60.5 million(2017: GBP 48.9 million).
Group gross gaming revenue (GGR) through mobile and touch devices increased by 5 percent and now represents 69 percent (2017 66 percent) of the total Real Money Gaming GGR.
Adjusted EBITDA was GBP 16,1 million (2017: 19.6 million), down 18.2 percent.
Adjusted net earnings were GBP 14.6 million (2017: GBP 18,2 million), down 19.6 percent.
Loss after tax and discontinued operations was GBP 5 million, a vast improvement on 2017’s GBP 25.6 million.
Net Cash on the balance sheet of GBP 26.6 million (2017: GBP 23.7 million).
A proposed final dividend of 1.7 pence per share, taking the total dividend for the full year to 3.0 pence per share (FY 2017: 2.7 pence per share).
Eitan Boyd, CEO of Stride Gaming:
“Looking further ahead, the Board is confident in the quality, flexibility, efficiency and robustness of the Group’s operating model and ability to continue to grow in both relative and absolute terms despite the trading environment.
“The Board believe the Group will continue to be highly cash generative and against that backdrop, have announced our intention is to propose a 8p special dividend in the Spring or early Summer 2019 to return to shareholders the expected proceeds of the QSB sale on top of a materially enhanced regular dividend policy for current and future financial years of paying out 50% of our adjusted net earnings.”
