Gaming Realms PLC (LSE:GMR, OTCQX:PSDMF) has posted an 18% jump in half-year revenues after strong demand for its online games in North America helped offset new restrictions in the UK.
The London-listed group, best known for its Slingo titles that blend slots and bingo, said revenues reached £16 million in the six months to June, up from £13.6 million a year earlier.
Adjusted earnings rose 30% to £7.5 million, and margins rose to 47%. Pre-tax profits were up 19% at £4.2 million.
Much of the growth came from overseas. Licensing income outside the UK rose 18%, with the US up 22%, and now accounts for more than 70% of total content licensing.
A significant brand deal also lifted brand licensing revenues to £2.4 million, compared with just £300,000 last year.
In Britain, revenues were hit by new limits on stakes introduced in April, which initially pushed down licensing income by more than 20%.
However, the company said updates to its Slingo games were softening the impact, with declines narrowing from 21% in the second quarter to 9% in August.
During the half year, Gaming Realms entered new regulated markets in Brazil and British Columbia, Canada, and secured a supplier licence in Delaware, its sixth US state.
It also signed deals with 19 new partners, including BetMGM in Brazil, the British Columbia Lottery Corporation and Bet365.
Mark Segal, chief executive, said: “Our entry into newly regulated markets, including Brazil, British Columbia and Delaware, underlines the global demand for our content and the strength of our operator partnerships.”
The group ended the period with £19 million in cash, up from £13.5 million at the end of December, and said it remained on track to deliver further growth in the second half with launches planned in the Philippines, South Africa, Switzerland and Greece.