Gaming Realms PLC (AIM:GMR, OTCQX:PSDMF), the Slingo mobile game producer, saw profits more than double in 2022 thanks to a strong performance in the firm’s licensing business and more US states opening up to gaming.
Pre-tax profits hit £3.5mln in 2022, up 224% from £1.1mln in the previous year, as sales shot up by 27% year-on-year to £18.7mln.
The licensing arm accounted for 35% of total revenues, Gaming Realms added, at a healthy 54% underlying profit [EBITDA] margin.
In 2022, the UK-based company invested heavily in its ‘Remote Game Server’ platform, allowing for expansion into multiple new markets.
Mark Segal, chief executive, added: “Having grown our portfolio of games to 65 through 2022 and launched with 56 new partners for our Slingo Originals content, we are experiencing our games being enjoyed on a global level.”
Slingo, a 30-year-old game that combines slots and bingo, had three new versions released in 2022 – whilst a Tetris version of the game is set for 2023.
The business launched in six new markets including multiple states in the US, something Gaming Realms hopes to continue in 2023.
“As we look ahead, the year is already off to an exciting start with 13 new launches implemented and we are excited to continue delivering further game launches, new partner deals and expanding our global footprint even further," added Segal.
Shares in the group rose to 5% on Monday to 27p.
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