Gaming Innovation Group has recorded revenues for Q1 2019 of €32.4m, down from the previous year’s corresponding figure of €37.3m with the re-regulated market in Sweden having an adverse impact.
The company delivered EBITDA of €4.1m in the same period (€4.3m), with a key highlight being all-time high revenues and EBITDA in GiG’s media business.
GiG CEO Robin Reed said: “It is a performance I am reasonably satisfied with, in light of the loss of a major B2B customer which we announced in Q4-18, and the new regulation in Sweden which is impacting both our B2C and B2B revenues. We had anticipated this and managed the impact by careful cost control.
“The business is robust with cash flow from operating activities of €2.6m. GiG has become better and more competitive as the company matures. Our leadership has never been stronger, our processes are more robust, and our strategic understanding and intent has evolved. I am looking forward with confidence to the growth opportunities for the rest of the year.”
GiG’s media services vertical reached €9m (€£8.2m) in Q1 2019, with EBITDA of €5.2m (€4.4m). Revenues for the B2B segment in Q1 2019 were €14.2m (€15.3m) and EBITDA was €3.m (€4.1m).
Revenues for the B2C segment in Q1 2019 were €20.2m (€25.4m), with a positive EBITDA of €1.1m (€0.1m).
During the quarter, GiG’s omni-channel sportsbook solution agreement with Hard Rock went live and 10 new customer agreements werereached for its marketing compliance screening tool, Comply.
