The Gaming Innovation Group has reported record equalling Q4 revenues in a positive financial statement.
“In Q4, we matched our previous all-time-high in revenues and for the full year
2018, we grew revenues and EBITDA by nearly 30 per cent over 2017,” said GiG CEO, Robin Reed.
“After investing around €16m into tech and product development in 2018, we have now closed the circle and are offering products and services across all major verticals in the igaming value chain.
“We have started our expansion into regulated markets with big brand partners, and we have launched our online and retail sports betting platform in the US. I am really proud of what we have achieved and are looking forward to 2019,“ he said.
Operating revenues for Q4 2018 were €39.9m in line with Q4 2017 and a 7 per cent increase on the corresponding 2017 period. Full year 2018 revenue was €151.4m, an increase of 26 per cent over 2017.
EBITDA in Q4 2018 was €5.0m, a decrease of 36 per cent from Q4 2017. Full year 2018 EBITDA was €16.1m, an increase of 28 per cent over 2017. Excluding one-off costs, EBITDA was €6.9m and €18.9m for the full year 2018. B2B revenue in the quarter was €16.4m, a decrease of nine per cent from 2017 and revenues for the media vertical reached an all-time-high of €8.7m.
B2C revenues in Q4 2018 reached an all-time-high of €25.8m up two per cent from the previous year an EBITDA of €0.7m, €1.7m adjusted for one-off costs. Restructuring in the B2C segment impacted EBIT in Q4 2018 with a non-cash impairment of €13.7m. A further decrease in the number of employees in Q4 2018 resulted in an eight per cent decrease in other operating expenses quarter-on-quarter (adjusted for one-offs).
Operational highlights for the period included an omni-channel sportsbook solution agreement with Hard Rock International, due to have gone live in Q1 2019. Two in-house developed games launched with two new brands signed to platform services in Q4 2018. One new brand signed up to marketing compliance technology, GiG Comply.
Two licences were awarded in the newly regulated Swedish market and Spanish a licence is pending.
A new Board of directors was elected and a reversed stock split of 10:1 became effective from December 21 2018 and the company also has plans to list on the NASDAQ Stockholm (main list) in March this year.