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Gaming Realms interims boosted by increased gamer numbers amidst pandemic

“Whilst our results were enhanced during the COVID-19 period of self-isolation, I am pleased to say revenues in the second half are holding onto levels achieved during the first six months,” said executive chairman Michael Buckley

Gaming Realms PLC - Gaming Realms interims boosted by increased gamer numbers amidst pandemic

Gaming Realms PLC (LON:GMR) has old investors it increased revenue by 66% in the first half of 2020 to £5.2mln versus £3.1mln in the same period of 2019.

The company said that the impacts of the coronavirus (COVID-19) lockdowns were supportive of the business, with more people playing its games, and the group noted that it has maintained similar levels of growth since June 30 as well.

The firm, which makes and licences real money games, noted that it has high margin revenue growth and a relatively stable fixed cost base. Earnings for the first half amounted to £1.24mln, from a £0.1mln loss a year earlier.

READ: Gaming Realms inks ‘originals’ contract with fast-growing US client

Licensing revenue grew by 104% to £3.4mln, from £1.7mln, boosted by greater distribution and also a larger games portfolio, while Social revenue improved by 29% to £1.8mln from £1.4mln as more Slingo content was produced and customer manager improved.

In terms of outlook, the company said that momentum is expected to continue into the second half with the roll-out of additional content to take advantage of an increasing number of players globally.

Recent deals with DraftKings and Oryx Gaming have consolidated and expanded Gaming Realms' presence in the US and Europe respectively, it added.

"Our exceptional performance in the first half of this year is testament to the strength of the company's strategy of developing and licensing games to market-leading brands and gaming operators using our Slingo IP, which continues to deliver high margin revenues,” Michael Buckley, Gaming Realms' executive chairman said in the results statement.

“Whilst our results were enhanced during the COVID-19 period of self-isolation, I am pleased to say revenues in the second half are holding onto levels achieved during the first six months.”

He added: “We are delighted to report that our innovative Slingo Originals content continues to gain momentum, reaching new international audiences thanks to our global network of distribution partners.

“We remain committed to building on this, and growing our global reach during the second half of the year by investing in our unique content and securing further strategic partnership deals.”

Quick facts: Gaming Realms PLC

Price: 20.2 GBX

AIM:GMR
Market: AIM
Market Cap: £57.45 m
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