Mobile-focused games developer Gaming Realms increased its like-for-like revenues by 18 per cent in the first six months of 2019.
The results, excluding real-money gaming and affiliates segments classed as discontinued operations, arrive following a period in which the firm went live with William Hill, released three new games onto the market and signed worldwide distribution deals with Relax Gaming and Scientific Games.
Licensing revenue grew 167 per cent to £1.6m (H1 2018: £0.6m), adjusted EBITDA loss for continuing operations was reduced to £6,280 (loss of £441,133) and social publishing revenue decreased 29 per cent to £1.5m (£2.1m), generating EBITDA of £0.5m (£1.0m). However, after capitalisation of costs the net cash outflow was £0.1m (inflow £0.4m).
EBITDA loss for discontinued real-money gaming operations was £0.9m (£0.6m profit).
Gaming Realms expects full-year results for 2019 to be in line with market expectations ahead of new partners going live and new integrations being completed.
CEO Patrick Southon said: "Our strategy to leverage our market leading 'Slingo Originals' games library into the UK and international gaming markets continues to gain momentum. Licensing our content to leading brands and gaming operators is delivering high margin revenues and the disposal of the RMG assets has given us greater resources to invest in content creation. We are currently performing in line with management's forecasts and with new commercial developments in the pipeline we are confident in meeting our full year objectives."
