Gaming Realms PLC (AIM:GMR, OTCQX:PSDMF) posted another set of record numbers in 2023 and forecast more growth in 2023 as new customers and markets come online.
Revenues in 2023 increased by 26% to £23.4m (2022: £18.7m) and driven by a 33% jump in licensing revenue as demand for its Slingo-based online games continues to grow.
North America saw a 26% rise in licensing revenues as more US states allowed online gaming but grew even faster at 33% elsewhere as Slingo-based games continued to thrive.
Underlying profits [Adjusted EBITDA] in 2023 increased by 29% to £10.1m (2022: £7.8m) while pretax profits were 47% better at £5.2 million.
Cash generation was also strong said the gaming specialist, with the year-end net balance rising to £7.5 million from £2.9 million.
This year, 2024, Gaming Realms said licensing income so far is up 20% in the first two months of the year compared to a year ago.
Fourteen new operators had launched with its games including Livescore and DAZN in the UK, Bet365 in Ontario and Entain in Spain while it has been granted iGaming supplier licences in West Virginia, Sweden and Greece
Mark Segal, chief executive, added he was delighted with the performance.
“Driven by the growing demand for our Slingo portfolio in the international iGaming markets, revenue grew by 26% with adjusted EBITDA growing 29%.
“This demonstrates the operational leverage driven by our content licensing business.
"We are now licensing our games into 20 regulated markets and have launched with 44 partners in the year and have 75 live games which demonstrates the scale of our content licensing business.
"We have had a promising start to 2024, having already launched with 14 new partners and our new Slingo games, such as Slingo Hot Roll and China Shores Slingo.”