Gaming Realms PLC (AIM:GMR, OTCQX:PSDMF), the slot games creator, has a “bright” future, according to its house broker, after it reported another year of double-digit revenue growth in 2023.
Peel Hunt reiterated its ‘buy’ recommendation for the AIM-listed group and said the company’s guidance for the 2023 financial year was “consistent” with its own forecasts.
Revenues rose by 23% to £23 million, representing another year of growth greater than 20%, while underlying earnings are expected to be at a minimum of £10 million.
Content licensing was the key driver of growth during the year, with around 45 new partnerships being signed and expansion in countries like Portugal and the US.
Peel Hunt targets a 60p share price for the stock, representing around a 90% premium to the current 67p trade price.
Chief executive Mark Segal said the level of growth “underscores the strength and appeal of our gaming content in the global market”.
"As we look ahead, we remain focused on delivering engaging content and expanding our footprint in key markets, ensuring that Gaming Realms continues to be a leader in the mobile gaming industry,” he added.