Gaming Realms PLC (AIM:GMR, OTCQX:PSDMF), the mobile-focused gaming content specialist, said it has traded ahead of expectations this year.
Licensing revenue in the first quarter of 2022 rose 43% to £3.0mln from £2.1mln in the corresponding period of 2021, the company said in its full-year results statement covering 2021.
Last year saw the group launch in five new regulated markets, including Michigan and Pennsylvania in the US, and this year will see the group strive to continue to grow its market share in these territories during 2022.
Since the beginning of 2022, the group has launched its Slingo portfolio in Spain and, more recently, Canada through the newly launched market in Ontario and with Loto-Québec. With 10 new partners launched to date in 2022, together with the launch of four new Slingo games, the board is confident in the group's strategy and expectations for the current year.
Revenue in 2021 came in at £14.7mln, up 29% from £11.3mln in 2020. Licensing revenue rose 48% to £11.1mln from £7.5mln in 2020 while social publishing revenue declined 8% to £3.6mln from £3.9mln the preceding year.
Adjusted underlying earnings (EBITDA) soared to £4.98mln from £2.4mln the year before while profit before tax, after £3.1mln of amortisation of intangible assets, was £957,716, compared to a loss in 2020 of £1.58mln.
The year-end cash balance increased to £4.4mln from £2.1mln at the end of 2021.
"2021 was another exceptional year for the group as we expanded our Slingo portfolio and entered new regulated iGaming markets, increasing revenue by 29% and producing a maiden profit for the financial year of £1.3mln,” said Michael Buckley, the executive chair of Gaming Realms.
"Our core licensing business continued to go from strength to strength as we secured 35 new licensing and distribution partners throughout the year that supported a 48% growth in the number of unique players enjoying our content globally.
"The group's commitment to increasing our global presence during the period has provided us with a strong foundation on which to deliver further growth in 2022 as we remain focused on expanding our foothold in these territories. Momentum has certainly continued into the year so far, having already released four new games and launched in both Spain and Canada. With additional planned launches in new markets and with new partners in the pipeline, we look forward to providing further updates in due course," he added.