Gaming Realms PLC (AIM:GMR, OTCQX:PSDMF) said underlying earnings (EBITDA) grew 70% in 2021 and that momentum continued in the fourth quarter and into 2022 with game launches in the Netherlands, Spain and Romania in recent months.
Revenues of roughly £14.5mln are expected to be reported for last year, up 27% on the year before, the developer of mobile-focused gaming content said in a trading statement on Wednesday, with adjusted EBITDA of around £5.6mln
The performance was driven by continued growth in game licensing deals, which during the year saw launches in two new US regulated iGaming markets, Michigan and Pennsylvania, and 35 new international partners added.
Executive chairman Michael Buckley said: "We are delighted with the performance in 2021, where we launched in new markets and increased the distribution of our expanded Slingo portfolio.
“We have a strong pipeline of opportunities and the outlook is very encouraging, with further expected expansion of our international footprint coupled with additional deals within the markets where our content is already distributed.
“We believe that the strong momentum of last year will continue into 2022 which is demonstrated by entry into regulated markets announced today."
New regulated launches included a November move into Romania via a partnership with local market leader Superbet and it went live in the newly regulated Dutch market in December with local market leader JVH Gaming and its Jack’s Casino brand.
This month the group entered Spain with long-term strategic partner Gamesys and its new parent Bally's Corporation as an initial 15 games have been approved by regulators.
Partnerships with Rank Group (LSE:RNK)'s YoBingo and YoCasino brands are pencilled in for Spain later in the year. Launches have been secured with Flutter Entertainment’s Paddy Power and Betfair in the EU and with North American expected to follow for the first game under a third-party distribution agreement with 4ThePlayer, announced in September.