Gaming Innovation Group reports all time high revenues and EBITDA in Q2-2016
Financial highlights Q2 2016:
- Operating revenues of EUR 9.7 million, up 23% from EUR 7.9 million in Q1 2016
- Gross margin of 85%, up from 84% in Q1 2016
- EBITDA of EUR 0.96 million, an EUR 1.03 million improvement from negative EUR 0.07 million in Q1 2016
- TV-campaigns continued in combination with other marketing activities. Marketing expenses were 37% of revenues, down from 43% of revenue in Q1 2016
Operational highlights Q2 2016:
- Two additional affiliate networks were integrated in Q2, increasing the referred first time depositors (FTD’s) to 11,400 in the second quarter, up from 4,700 in the first quarter
- On the foundation of OddsModel, a complete re-write of GIG’s sports technology under development. Completion expected in Q1 2017.
- iGamingCloud signed three new clients in second quarter and one clients has been signed in August. As of today, 13 external clients are operational on the iGC platform with the remaining customers is expected to go live within the end of 2016
- Agreement to acquire Betit Group, significantly increasing the Company’s B2C operations
- EBIT to exceed EUR 5 million in 2016. Continued revenue and earnings growth into 2017
- Positive earnings contribution from companies acquired in the second quarter
- GIG to exceed the goal of 20 signed iGC clients by year end
“I am satisfied to see that we deliver both revenue and earnings growth in the second quarter. The combination of an increasing number of FTD’s, deposits and clients operational on the iGC platform, has contributed to a positive EBITDA for the quarter. During the first half of 2016 we have focused on M&A activity, adding on some of the most exciting companies within the iGaming industry. We aim to create the leading Nordic iGaming company, and in order to reach this goal we need the best technology, partners and highly qualified employees”, says Robin Reed, CEO in GIG.
Investor presentation and webcast:
A presentation will be held in connection with the financial results for Q2 2016 on Wednesday 17 August 2016. The presentation will take place at 10:00 am CET at Felix Konferansesenter, Bryggetorget 3, 0125 Oslo. The presentation will be given by CEO Robin Reed and transferred via webcast at www.gaminginnovationgroup.com.
Published: 17.08.2016 08:08:02am
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