Pre-Close Trading Update and Board Changes

RNS Number : 4766O

Gaming Realms PLC

01 February 2023

 

1 February 2023

Gaming Realms Plc

("Gaming Realms", the "Company" or the "Group")

Pre-Close Trading Update and Board Changes

FY22 Revenue and EBITDA* Growth of 27% and 36% Respectively Driven by Growth in Licensing

Pre-Close Trading Update

Gaming Realms plc (AIM: GMR), the developer and licensor of mobile focused gaming content, announces a pre-close trading update for the full year to 31 December 2022 ("FY22").

The Company is pleased to confirm that it expects to report FY22 revenue of c.£18.7 million and adjusted EBITDA* of c.£7.7 million, up 27% and 36% respectively year-on-year. This strong performance was driven by the continued growth of the Group's licensing business that, during FY22, launched in two new North American regulated iGaming markets, Connecticut and Ontario, and with 58 new partners internationally.

The Group's expansion into further new markets during Q4 FY22, as set out below, has continued into Q1 FY23.

The Company expects to report its FY22 Preliminary Results during the week commencing 3 April 2023.

Q4 2022 Update

The Company had a strong Q4, launching in multiple markets and with new partners. In October 2022, Gaming Realms launched in its 5^th North American market in Connecticut, with DraftKings .

Also in Q4 2022, Gaming Realms launched games with 11 operators across its 5 markets in North America, including Caesars Sportsbook and 888 in New Jersey, Kindred in Pennsylvania, Four Winds in Michigan, and Ballys and Pointsbet in Ontario.

Increasing its European presence, Gaming Realms went live with 11 operators in Europe, including tier 1 operators Napoleon in Belgium, Snai in Italy and Pokerstars in the UK.

Gaming Realms also repaid its outstanding loan to JPJ Group Holdings Limited (a wholly owned subsidiary of Bally's Corporation), leaving the Company debt free.

Board Changes

In light of the continued development and growth of the Company, Gaming Realms has appointed Mark Segal as CEO, and Geoffrey ("Geoff") Robert Green, aged 34, as CFO and a director of the Company, both with immediate effect.

Previously Mark Segal was CFO and acting COO, and Geoff Green was finance director in support of the CFO, and they have been successfully working together for more than three years. Michael Buckley remains as Executive Chairman.

The Board believes that these changes will enable the Company to continue the progress of the last three years, as it develops more fully in the territories where it is already represented, and seeks to expand into additional countries and regions.

Michael Buckley, Executive Chairman of Gaming Realms, commented: "The Company has delivered another strong, full-year performance with growth coming from both existing and new markets. This growth has been supported by the new partnerships signed with igaming operators as well as the extension of our Slingo catalogue, with the release of new Slingo formats during the period, which have proven to be very popular. We are seeing good momentum, and backed by an exciting commercial pipeline and new games, we are confident that we will achieve further progress in 2023.

"As stated above, the Company has repaid the outstanding loan from JPJ Group Holdings Limited. This was repaid from internal cash resources, which demonstrates the highly cash generative qualities of Gaming Realms, and leaves the company debt free.

"We are also delighted to announce that Mark and Geoff have been appointed CEO and CFO respectively. They have developed a strong working partnership in recent years whilst the business has achieved excellent growth. The Board is excited to be working with them in their new roles and supporting the Company's ongoing commercial objectives."

*EBITDA before share-based payments

Enquiries:

Gaming Realms plc  Michael Buckley, Executive Chairman Mark Segal, CFO	0845 123 3773
Peel Hunt LLP - NOMAD and Joint Broker  George Sellar Andrew Clark Lalit Bose Investec Bank plc - Joint Broker Bruce Garrow Alex Wright Ben Farrow	020 7418 8900 020 7597 5970
Yellow Jersey  Charles Goodwin Annabelle Wills	07747 788 221

About Gaming Realms

Gaming Realms creates and licenses innovative games for mobile, with operations in the UK, U.S. and Canada. Through its unique IP and brands, Gaming Realms is bringing together media, entertainment and gaming assets in new game formats. The Gaming Realms management team includes accomplished entrepreneurs and experienced executives from a wide range of leading gaming and media companies.

Pursuant to Rule 17 and Schedule 2, paragraph (g) of the AIM Rules for Companies, the following additional information is disclosed:

Geoff Green currently has options over 550,000 ordinary shares in the Company

 

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