Gaming Realms reduces pre-tax loss despite sharp fall in revenue
Gaming Realms has reduced its pre-tax loss during the first half of 2018, despite a 27% year-on-year decline in total revenue to £11m ($14.4m).
The supplier’s revenue fell from £15m in H1 2017, with social revenue decreasing 48% year-on-year from £4m to £2.1m.
However, real money & licensing revenue rose 28% from £3.7m to £4.8m, including a licensing revenue increase of 175% to £0.6m.
Adjusted EBITDA also increased by £1.5m to £0.4m, following a loss in H1 2017.
Elsewhere, Gaming Realms sold its affiliate business for £2.4m, as well as 70% of its UK B2C brands to River UK Casino for up to £23.1m, with £4.2m received in August 2018.
Despite the fall in total revenue, therefore, Gaming Realms’ pre-tax loss fell year-on-year from £4.6m to £2.9m.
Patrick Southon, Chief Executive, said: “Our strategy moving forward is to leverage our real money gaming platform and our market leading 'Slingo Originals' games library into the UK and international gaming markets.
“We believe that licensing our platform and content to leading brands and gaming operators will deliver high margin revenues, and we have been very pleased with the results of our efforts over the first half of 2018.”