Gaming Innovation Group reports second quarter revenues up 15% from first quarter 2017 and 174% from second quarter 2016
Gaming Innovation Group Inc. (GIG) continue to grow and reports all time high revenues of EUR 26.6 million in the quarter. Revenues are driven by organic growth across all business areas. EBITDA for the group ended at EUR 1.9 million, corresponding to a margin of 7.3%. The company withdrew its B2C brands from non-core markets during Q2, now focusing on expanding operations and market presence in the Nordics, UK & Ireland and Western Europe.
“We continue to expand our business at a rapid pace. We have made important affiliate acquisitions during 2017 which will strengthen our traffic driving capability and increase activities and volumes for all stakeholders in GIG’s eco-system. In parallel with launching innovative iGaming services, we are progressing towards our goal of becoming the leading iGaming company from the Nordics”, says Robin Reed, CEO of GIG.
Financial highlights Q2 2017
- Operating revenues of EUR 26.6 million, up 15% from EUR 23.1 million in Q1 2017 and 174% from EUR 9.7 million in Q2 2016
- Organic revenue growth of 10% from Q1 2017 and 71% from Q2 2016
- EBITDA of EUR 1.9 million, up from EUR (0.4) million in Q1 2017 and EUR 1.0 million in Q2 2016
- B2C revenues of EUR 20.2 million, up 9% from Q1 2017 and 213% from Q2 2016
- B2B revenues of EUR 8.5 million, up 36% from Q1 2017 and 108% from Q2 2016
- Marketing expenses of EUR 11.1 million (42% of revenues) compared to EUR 10.9 million in Q1 17 (47% of revenues)
Operational highlights Q2 2017
- GIG Gaming: Geographic expansion to regulated markets driving accelerated growth, despite closure of non-core markets
- GIG Media: Achieving the largest presence in casino related search results in the Nordic markets - aiming to be the largest affiliate in iGaming
- iGamingCloud (iGC): Migration of first, large, existing, external customer completed- company scaling up platform to support larger brands
- 30 brands operational on the iGC-platform, including GIG’s own brands
- Maintain guiding of EUR 120 million in revenues for 2017, exclusive of revenues from acquired operations
- Continue expansion of GIG Gaming brands in Nordics, UK and Western Europe
- Increased performance and scale to the iGaming Cloud platform through new BI offering and migration to new servers
- Recent affiliate acquisitions to increase geographical and vertical footprint
Investor presentation and webcast:
The company will present the Q2 2017 financial results on Tuesday 8 August 2017 at 11:00 am CET at Hotel Continental, Stortingsgaten 24-26, 0117 Oslo. The presentation will be given by CEO Robin Reed and it will be transferred via webcast www.gaminginnovationgroup.com.
For further information, contact:
Robin Reed, CEO, +356 9999 0382,
Gaming Innovation Group Inc. is an emerging gambling solutions and interactive entertainment provider. The Company offers cutting-edge cloud-based services and B2B performance marketing, and owns B2C gambling operators offering games from the best-of-breed suppliers across the online sports betting and casino industry. Gaming Innovation Group operates out of Malta and is listed on the Oslo Stock Exchange under the ticker symbol "GIG".
For more information about the Company and our services:
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