Revenues for the six months to 30th June 2021 rose by 50% to £7.7 million. This was mainly driven by the Licensing division, where revenues grew by 73% to £5.8 million. This was complimented by a 7% revenue increase in the smaller Social Publishing division to £1.9 million. Boosted by the operational gearing, adjusted EBITDA profits (before share option and related charges) grew by 144% to £3.1 million.
Following the award of relevant licences, Gaming Realms’ Slingo games went live in the US state of Michigan in late June and in Pennsylvania in early September, both with partner BetMGM. Further launches are expected with additional operators across all US territories, boding well for further content licensing growth in H2. The outlook is positive, with revenues up by 28% in the two months since June and the full year numbers set to be in line with market expectations.
New licensing opportunities are being pursed within the US as new states announce their intention to regulate iGaming. Alongside further European launches, the company will shortly commence the process of obtaining an iGaming licence in Ontario, Canada, a market believed to have the potential to be bigger than any one of the US states that have been regulated so far.
With FY2021 expected to be in line with expectations we are retaining our forecast for £5.4 million of EBITDA this year, rising to £8 million in FY2022. Making small updates to our valuation model our target price rises from 51p to 53.13p, implying upside of 42%. We update coverage of Gaming Realms and retain our stance of Conviction Buy.
Gaming Realms is a developer, publisher and licensor of mobile games. Co.'s principal activities is that of an online bingo and casino operator, the provision and marketing of interactive bingo and casino services to customers in the U.K. and social gaming on Facebook and mobile to customers in the U.S. and Europe. Co. has three reportable segment. The social publishing provides freemium games to the U.S. and Europe. Licensing includes IP brand and content licensing to partners in the U.S. and Europe. The real money gaming products and marketing services operates Co.'s brands and provides other digital marketing services to both gaming and non-gaming clients in the U.K.
Align Research is a commissioned research company founded in November 2015 in order to provide the under-served smaller company space with high quality analysis. We have an initial focus on the natural resources sector, in which we see significant opportunities given the current once in a generation bear market, however all undervalued small caps (sub £100m) are considered by our team. Align was founded by industry professionals with decades of experience in the stock markets, headed up by highly qualified individuals from both fund management and analytical backgrounds.
Gaming Realms is a creator and licensor of innovative games for mobile, operating in the UK, US, Italy and Canada. Flagship brand Slingo® is a popular and unique game genre combining elements of slots, bingo and table gameplay. These games are licensed by some of the world’s biggest online gaming operators, including DraftKings, Sky Betting & Gaming and GVC, and distributed directly to operators or via global partners such as Scientific Games using the company's proprietary Remote Game Server platform. 2020 a record year with a maiden adjusted EBITDA profit posted The last financial year...
Gaming Realms is a creator and licensor of innovative games for mobile, with operations in the UK, U.S. and Canada. Flagship brand Slingo® is a highly popular and unique game genre which combines elements of slot, bingo and table gameplay. These games are licensed by some of the biggest online gaming operators in the world, including DraftKings, Sky Betting & Gaming and GVC, and distributed directly to operators or via global partners such as Scientific Games & Relax Gaming using the company's proprietary Remote Game Server platform. Interims show revenue growth of 66% and a substantial E...
Identified and proven gold bearing systems in a highly prolific area Tectonic Gold is well positioned to provide the majors with replacement projects. The company has two large, advanced projects, one of which could be a Mt. Morgan (12Moz gold) lookalike, in a highly prolific gold belt. Gold bearing systems have been consistently intersected by drilling on both projects, with each of them having multi-million ounce potential. Drilling resumes at Specimen Hill following copper porphyry The 2020 drilling programme successfully intersected epithermal gold and copper-gold porphyry miner...
Corcel is best known for its vast PNG nickel laterite Mambare Project which was once valued at £40 million. It has been a bit quiet over recent years as the company has gone through a substantial restructuring since the previous Chairman was removed by shareholders. The decks have now been cleared and a period of substantial growth has begun. With James Parsons now at the helm and the 12 month “legacy clean up” behind them, investors are now witnessing the creation of a highly relevant vehicle. Positioned to benefit from expected price hike in battery metals The transition to a low carbo...
Unfortunately, this report is not available for the investor type or country you selected.Browse all ResearchPool reports
Report is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.