REG - Gaming Realms PLC - Interim Results
Mon 07:00
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RNS Number : 3051Y Gaming Realms PLC 08 September 2025
8 September 2025
Gaming Realms plc
(the "Company" or the "Group")
Interim Results
18% revenue growth, Adjusted EBITDA(1) up 30% driven by international
licensing expansion
International footprint set to expand
Gaming Realms plc (AIM: GMR), the developer and licensor of mobile focused
gaming content, is pleased to announce its interim results for the six months
to 30 June 2025 (the "Period" or "H1'25").
Financial highlights:
H1'25 H1'24 Change
£m £m %
Revenue (Content licensing) 11.7 11.2 +4%
Revenue (Brand licensing) 2.4 0.3 +623%
Revenue (Social) 1.9 2.1 -7%
Total revenue 16.0 13.6 +18%
Adjusted EBITDA 7.5 5.8 +30%
Profit before tax 4.2 3.5 +19%
· Total revenue increased 18% to £16.0m in H1'25 (H1'24: £13.6m)
· Group Adjusted EBITDA grew 30% to £7.5m (H1'24: £5.8m),
representing a 47% Adjusted EBITDA margin (H1'24: 43%)
· Total licensing revenues grew 22% to £14.1m (H1'24: £11.5m):
· Content licensing revenue increased 4% to £11.7m (H1'24:
£11.2m)
• UK content licensing revenue fell 13% in H1'25 (21% in Q2'25) due to
UK staking limit changes introduced in April 2025. However, the trend improved
sharply in July (reduced to a 16% decline) and August (reduced to a 9%
decline) as new Slingo innovations were certified and released.
• Ex-UK content licensing revenue continued to perform strongly, up 18%
in H1'25 with US up 22%
· Brand licensing revenue increased 623% to £2.4m (H1'24: £0.3m),
due to the completion of a significant brand deal during the period
· Profit before tax increased 19% to £4.2m (H1'24: £3.5m)
· Net cash at period end up 28% to £19.0m (Dec'24: £13.5m) with
continued strong cash generation
· Reported revenue negatively affected by currency movements
between GBP and USD
Operational highlights:
· Launched content in the regulated markets of Brazil and British
Columbia, Canada
· Granted supplier license in Delaware, USA
· Released six new unique Slingo games into the market, including
Slingo Fishing Bob and Slingo Honey Crew, taking the distributed games
portfolio to 95 titles
· Launched with 19 new partners globally:
• In North America with the British Columbia Lottery Corporation
("BCLC") and Hollywood Casino in West Virginia
• In South America with BetMGM, Superbet and KTO in Brazil, and BetPlay
in Colombia
• In Europe with GG Poker, Microgame and E-Play 24
· Launched a further three third-party slot games, bringing the
total number of third-party games distributed to 17 (Dec'24: 14)
Post period-end:
· Licensing revenue increased 2% in the two months post period-end
compared to the same period in 2024. This is satisfactory given the negative
impacts of currency translation and the new staking limit regulations in the
UK which gave a decline of UK licensing revenue of 16% in July and 9% in
August (referred to above)
· Launched content with Rush Street Interactive in Delaware, USA,
the sixth U.S. state where the Group distributes its content
· Launched Slingo content with Bet365 in Brazil, Golden Nugget in
Ontario and Betly in West Virginia
· Released Slingo Cash Eruption as well as three NFL franchise
branded Slingo games in partnership with BetMGM
(1) EBITDA is profit before interest, tax, depreciation and amortisation
expenses and is a non-GAAP measure. The Group uses EBITDA and Adjusted
EBITDA to comment on its financial performance. Adjusted EBITDA is EBITDA
excluding share option and related charges and adjusting items, which are
significant, non-recurring items outside the scope of the Group's ordinary
activities. See Note 4 for further details.
Summary:
Gaming Realms has sustained its growth through the first half of 2025,
executing on its strategy of developing and licensing innovative games
globally to market-leading brands and operators, as well as licensing our IP
into adjacent markets.
Revenue for H1'25 increased by 18% on a reported basis, and 21% at constant
currency, driven primarily by the Group's international licensing business.
Adjusted EBITDA rose 30% to £7.5m, with margins expanding to 47% (H1'24:
43%).
Content licensing from the UK (which accounted for 29% of the content
licensing total in the period) was negatively affected by the staking limits
imposed by UK government and the new regulations that came into effect on 9
April 2025. However, The Company made innovations to our Slingo games which
have resulted in some recovery in the period since 1 July 2025.
In the period April - June 2025, UK content licensing revenue was down 21% as
new staking limits had an impact on the player experience of Slingo. We
developed a new tool within Slingo games to accommodate the new staking limits
and, as the updated games were approved by the regulator and deployed, the
negative impact on our revenues moderated. In the second quarter UK licensing
revenues were down 21%, but in July revenues were down 16% and in August were
down 9%. It is management's belief that this trend will continue, and the UK
content licensing revenues will reach previous levels by the end of this year.
Content licensing outside the UK (which accounted for 71% of the content
licensing total in the period) continued to perform strongly with revenue up
18%. The US (54% of the total) has performed particularly strongly, up 26% (at
constant exchange rates).
The Group strengthened its regulated market presence with launches in Brazil
and with the lottery in British Columbia, Canada. This takes the total
number of regulated markets where the Group distributes content to 22.
During the period, we also launched with 19 new operator partners and released
six new Slingo titles, including premium games Slingo Fishing Bob and Slingo
Honey Crew, alongside three additional third-party slot games.
Outlook for FY25:
Trading in the first half of 2025 was in line with expectations, and the Board
remains confident that the Group will maintain this positive trajectory
through the remainder of the year.
Looking ahead, the Group is well positioned to build on its momentum and
deliver further growth across both new and existing markets.
Our strategic focus for the remainder of the year is to continue to broaden
our international footprint through entry into additional regulated markets,
while deepening our presence with existing partners to capture further growth
opportunities.
Since the period end, we have launched our Slingo content in Delaware - the
sixth U.S. regulated iGaming state in which the Group's content is now live
with Rush Street Interactive. Further launches are expected in the regulated
markets of the Philippines, South Africa, Switzerland and Greece in the near
term.
These market expansions will be underpinned by:
· The release of premium Slingo titles in the second half of 2025,
including Slingo Gold Fish and Slingo Slinguini;
· Creation of new slots team for diversification of content
portfolio
· The continued growth of our third-party games pipeline and
distribution.
Commenting on the first half performance, Mark Segal, Chief Executive Officer,
said:
"The Group has delivered a strong first half, with revenue increasing 18% and
Adjusted EBITDA up 30%, reflecting the success of our strategy to expand
internationally through licensing. Our entry into newly regulated markets,
including Brazil, British Columbia and Delaware, underlines the global demand
for our content and the strength of our operator partnerships. With further
launches scheduled in additional regulated jurisdictions and a robust pipeline
of new Slingo and third-party titles, we remain well positioned to deliver
continued growth and enhance shareholder value in the second half of the year
and beyond."
An analyst briefing will be held virtually at 9.30am today. To attend, please
contact Yellow Jersey at gamingrealms@yellowjerseypr.com
(mailto:gamingrealms@yellowjerseypr.com) .
Enquiries
Gaming Realms plc 0845 123 3773
Michael Buckley, Executive Chairman
Mark Segal, CEO
Geoff Green, CFO
Peel Hunt LLP - NOMAD and Joint Broker 020 7418 8900
George Sellar
Andrew Clark
Investec Bank plc - Joint Broker
James Hopton 020 7597 4000
Lydia Zychowska
Yellow Jersey 07747 788 221
Charles Goodwin
Annabelle Wills
About Gaming Realms
Gaming Realms creates and licenses innovative games for mobile, with
operations in the U.K., U.S., Canada and Malta. Through its unique IP and
brands, Gaming Realms is bringing together media, entertainment and gaming
assets in new game formats. As the creator of a variety of Slingo(TM), bingo,
slots and other games, we use our proprietary data platform to build and
engage global audiences. The Gaming Realms management team includes
accomplished entrepreneurs and experienced executives from a wide range of
leading gaming and media companies.
Business review
Gaming Realms delivered another strong performance in the first half of 2025,
continuing to execute on its core strategy of expanding its content licensing
business.
Total Group revenue increased 18% to £16.0m (H1'24: £13.6m), driven by the
Group's licensing business.
EBITDA rose to £6.3m (H1'24: £5.5m), and to £7.5m on an adjusted basis
before share option and related charges and other adjusting items (H1'24:
£5.8m). The Adjusted EBITDA margin increased to 47% (H1'24: 43%),
demonstrating the high margin nature of the Group's licensing business.
The £0.9m increase in EBITDA period-on-period has seen the Group record a
profit before tax of £4.2m (H1'24: £3.5m), an increase of £0.7m on the
prior period.
Licensing
Licensing segment revenues increased 22% to £14.1m (H1'24: £11.5m),
comprising:
· Content licensing revenue up 4% to £11.7m (H1'24: £11.2m), or
6% at constant currency; and
· Brand licensing revenue up 623% to £2.4m (H1'24: £0.3m), or
663% at constant currency.
The segment delivered Adjusted EBITDA of £8.2m, a 26% increase on the £6.5m
in H1'24.
Content licensing
The Group's core focus remains the expansion of its content licensing
business, driven by entry into new regulated markets, enhancement of the
Slingo games portfolio, and the deepening of relationships with both new and
existing partners to grow in existing markets.
During the period, the Group launched with 19 additional partners across North
America, South America and Europe. Post period end, the Group went live with 5
further partners, with a strong pipeline for the remainder of the year and
into 2026.
Six new Slingo titles and three third-party slot games were released during
the period, taking the distributed games portfolio to 95 titles at 30 June
2025 (Dec'24: 87 games). Slingo continues to stand out as a unique genre in
the market, driving engagement and proving highly popular with both partners
and players.
Content licensing revenues grew 4% to £11.7m (H1'24: £11.2m), or 6% at
constant currency. Segmental expenses (excluding share option and related
charges) increased 17% to £5.8m (H1'24: £5.0m), reflecting continued
investment in teams to deliver an expanded and diversified product roadmap
across more international markets.
After the period end, the Group also launched its content in Delaware - its
sixth regulated U.S. state.
Brand licensing
Brand licensing revenues increased significantly to £2.4m (H1'24: £0.3m),
primarily reflecting a major brand deal completed during the period. We
continue to explore brand licensing opportunities that complement our
portfolio and enhance long-term value.
Social
Revenue in the Group's social publishing business decreased 7% on a reported
basis to £1.9m (H1'24: £2.1m), and 4% on a constant currency basis.
Marketing expenses of £0.1m (H1'24: £0.2m) were invested in the period to
drive player growth, engagement and revenues over a 12-month period.
The 44% reduction in marketing spend was the primary driver of the 4% constant
currency revenue reduction. This lower spend reflects timing, with management
expecting marketing investment in the second half to bring full-year spend
broadly in line with 2024, supporting stronger revenue levels in H2. Social
remains a segment with significant potential to further monetise our Slingo
portfolio.
Excluding marketing, segmental expenses fell 9% to £1.3m (H1'24: £1.4m),
reflecting lower revenue-associated costs and disciplined cost management. We
continue to invest in our development and operational teams to support the
Group's growth plan.
Adjusted EBITDA contribution from the segment increased 21% to £0.6m (H1'24:
£0.5m).
Cashflow and Balance Sheet
The Group's cash balance as at 30 June 2025 was £19.0m, an increase of £5.5m
from the £13.5m reported at 31 December 2024. This increase represents a
conversion of Adjusted EBITDA to cash of 73% (H1'24: 37%), demonstrating the
cash generative nature of the business.
The current period increase in cash was largely driven by the £9.1m cash
inflow from operations, offset by £3.4m development costs capitalised during
the period and £0.4m of share buyback activity during the period.
The Group remains debt free, and the Board continues to review the optimal use
of the cash balance.
The Group's net asset position at the period end was £38.1m (31 December
2024: £34.0m).
Dividend and Capital Allocation
The Board of Directors are not proposing an interim dividend for the Period as
it continues to execute on its strategy and invest in the growth of the
business.
During the first half of the year, the Group repurchased 1,108,779 of its own
shares as part of its capital allocation strategy, reflecting the Board's
confidence in the long-term prospects of the business and its commitment to
delivering shareholder value.
Consolidated statement of comprehensive income
for the 6 months ended 30 June 2025
6M 6M
30 June 2025 30 June 2024
Unaudited Unaudited
Note £ £
Revenue 2 15,991,118 13,581,477
Other income 103,870 85,994
Marketing expenses (196,935) (282,307)
Operating expenses (3,069,300) (2,993,483)
Administrative expenses (5,328,439) (4,619,437)
Share option and related charges 12 (1,005,329) (299,829)
EBITDA before adjusting items 6,494,985 5,472,415
Adjusting items 4 (146,732) -
EBITDA 2 6,348,253 5,472,415
Amortisation of intangible assets 7 (2,167,739) (1,940,846)
Depreciation of property, plant and equipment 6 (189,748) (145,036)
Finance expense 3 (60,757) (24,749)
Finance income 3 298,749 188,148
Profit before tax 4,228,758 3,549,932
Taxation expense 8 (1,572,406) (253,324)
Profit for the period 2,656,352 3,296,608
Other comprehensive income
Items that will or may be reclassified to profit or loss:
Exchange loss arising on translation of foreign operations (143,315) (28,211)
Total other comprehensive loss (143,315) (28,211)
Total comprehensive income 2,513,037 3,268,397
Profit attributable to:
Owners of the parent 2,656,352 3,296,608
Total comprehensive income attributable to:
Owners of the parent 2,513,037 3,268,397
Earnings per share Pence Pence
Basic 5 0.90 1.12
Diluted 5 0.86 1.08
Consolidated statement of financial position
as at 30 June 2025
30 June 31 December
2025
2024
Unaudited Audited
Note £ £
Non-current assets
Intangible assets 7 15,944,586 14,768,578
Property, plant and equipment 6 1,172,927 1,317,019
Deferred tax asset 8 2,509,471 2,654,415
19,626,984 18,740,012
Current assets
Trade and other receivables 9 4,441,111 6,768,580
Cash and cash equivalents 18,962,338 13,512,235
23,403,449 20,280,815
Total assets 43,030,433 39,020,827
Current liabilities
Trade and other payables 10 3,827,108 3,855,861
Lease liabilities 228,863 219,131
4,055,971 4,074,992
Non-current liabilities
Deferred tax liability 8 268,920 240,338
Lease liabilities 632,119 749,193
901,039 989,531
Total liabilities 4,957,010 5,064,523
Net assets 38,073,423 33,956,304
Equity
Share capital 11 295,819 294,826
Share premium 184,467 -
Merger reserve (68,393,657) (68,393,657)
Foreign exchange reserve 1,178,991 1,322,306
Treasury share reserve 13 (410,520) -
Deferred tax reserve 8 1,356,515 -
Retained earnings 103,861,808 100,732,829
Total equity 38,073,423 33,956,304
Consolidated statement of cash flows
for the 6 months ended 30 June 2025
30 June 30 June
2025
2024
Unaudited Unaudited
Note £ £
Cash flows from operating activities
Profit for the period 2,656,352 3,296,608
Adjustments for:
Depreciation of property, plant and equipment 6 189,748 145,036
Amortisation of intangible fixed assets 7 2,167,739 1,940,846
Finance income 3 (298,749) (188,148)
Finance expense 3 60,757 24,749
Income tax charge 8 1,572,406 253,324
Exchange differences (227) (2,029)
Equity settled share-based payment expense 12 472,627 267,348
Decrease / (increase) in trade and other receivables 2,939,583 (825,174)
(Decrease) / increase in trade and other payables (652,535) 96,654
Net cash flows from operating activities before taxation 9,107,701 5,009,214
Net tax paid in the period (17,419) (548,452)
Net cash flows from operating activities 9,090,282 4,460,762
Investing activities
Acquisition of property, plant and equipment 6 (55,670) (75,260)
Acquisition of intangible assets 7 (92,963) (69,907)
Capitalised development costs 7 (3,386,500) (2,432,579)
Bank interest received 3 294,449 176,213
Net cash used in investing activities (3,240,684) (2,401,533)
Financing activities
IFRS 16 lease payments (141,196) (58,706)
Issue of share capital on exercise of options 11 185,460 151,314
Share buyback 13 (410,520) -
Interest paid 3 (20,851) (20,544)
Net cash (used in) / from financing activities (387,107) 72,064
Net increase in cash and cash equivalents 5,462,491 2,131,293
Cash and cash equivalents at beginning of period 13,512,235 7,455,316
Exchange loss on cash and cash equivalents (12,388) (11,629)
Cash and cash equivalents at end of period 18,962,338 9,574,980
Consolidated statement of changes in equity
for the 6 months ended 30 June 2025
Share capital Share premium Merger reserve Foreign Exchange Reserve Treasury share reserve Deferred tax reserve Retained earnings Total equity
£ £ £ £ £ £
1 January 2024 29,366,782 87,732,888 (67,673,657) 1,444,697 - - (26,473,281) 24,397,429
Profit for the period - - - - - - 3,296,608 3,296,608
Other comprehensive loss - - - (28,211) - - - (28,211)
Total comprehensive income for the period - - - (28,211) - - (23,176,673) 3,268,397
Contributions by and distributions to owners
Share-based payment on equity settled share options - - - - - - 267,348 267,348
Exercise of options 115,861 35,453 - - - - - 151,314
30 June 2024 (unaudited) 29,482,643 87,768,341 (67,673,657) 1,416,486 - - (49,382,606) 28,084,488
1 January 2025 294,826 - (68,393,657) 1,322,306 - - 100,732,829 33,956,304
Profit for the period - - - - - - 2,656,352 2,656,352
Other comprehensive loss - - - (143,315) - - - (143,315)
Total comprehensive income for the period - - - (143,315) - - 2,656,352 2,513,037
Contributions by and distributions to owners
Share-based payment on equity settled share options (Note 12) - - - - - - 472,627 472,627
Deferred tax on unexercised share options (Note 8) - - - - - 1,356,515 - 1,356,515
Exercise of options (Note 11) 993 184,467 - - - - - 185,460
Repurchase of own shares (Note 13) - - - - (410,520) - - (410,520)
30 June 2025 (unaudited) 295,819 184,467 (68,393,657) 1,178,991 (410,520) 1,356,515 103,861,808 38,073,423
Notes forming part of the consolidated financial statements
For the 6 months ended 30 June 2025
1. Accounting policies
General Information
Gaming Realms plc ("the Company") and its subsidiaries (together "the Group").
The Company is admitted to trading on AIM of the London Stock Exchange. It is
incorporated and domiciled in the UK. The address of its registered office is
Two Valentine Place, London, SE1 8QH.
The results for the six months ended 30 June 2025 and 30 June 2024 are
unaudited.
Basis of preparation
The financial information for the year ended 31 December 2024 included in
these financial statements does not constitute the full statutory accounts for
that year. The Annual Report and Financial Statements for 2024 have been filed
with the Registrar of Companies. The Independent Auditors' Report on the
Annual Report and Financial Statement for 2024 was unqualified, did not draw
attention to any matters by way of emphasis, and did not contain a statement
under 498(2) or 498(3) of the Companies Act 2006.
This interim report, which has neither been audited nor reviewed by
independent auditors, was approved by the board of directors on 5 September
2025. The financial information in this interim report has been prepared in
accordance with UK adopted international accounting standards. The accounting
policies applied by the Group in this financial information are the same as
those applied by the Group in its financial statements for the year ended 31
December 2024 and which will form the basis of the 2025 financial statements.
The consolidated financial statements are presented in Sterling.
Going concern
The Group meets its day-to-day working capital requirements from the cash
flows generated by its trading activities and its available cash resources.
The Group prepares cash flow forecasts and re-forecasts at least bi-annually
as part of the business planning process.
The Directors have reviewed forecast cash flows for the period to December
2027, and consider that the Group will have sufficient cash resources
available to meet its liabilities as they fall due.
Accordingly, these financial statements have been prepared on the basis of
accounting principles applicable to a going concern, which assumes that the
Group will realise its assets and discharge its liabilities in the normal
course of business.
Adjusted EBITDA
The Board of Directors believes that in order to best represent the trading
performance and results of the Group, the reported numbers should exclude
certain one-off items. The Group therefore presents adjusted results, which
differ from statutory results due to the exclusion of these items.
Management regularly uses the adjusted financial measures internally to
understand, manage and evaluate the business and make operating decisions.
These adjusted measures are among the primary factors management uses in
planning for and forecasting future periods.
EBITDA is a non-GAAP company specific measure defined as profit or loss before
tax adjusted for finance income and expense, depreciation and amortisation.
Adjusted EBITDA is EBITDA excluding share option and related charges and
adjusting items, which are significant, non-recurring items outside the scope
of the Group's ordinary activities.
2. Segment information
The executive management team is the Group's chief operating decision-maker.
Management has determined the operating segments based on the information
reviewed by the Board for the purposes of allocating resources and assessing
performance.
The Group has two reportable segments.
· Licensing - B2B brand and content licensing for a global network
of partners; and
· Social publishing - provides B2C freemium games to the US.
Revenue
The Group has disaggregated revenue into various categories in the following
table which is intended to:
· Depict how the nature, amount, timing and uncertainty of revenue and
cash flows are affected by economic date; and
· Enable users to understand the relationship with revenue segment
information provided below.
Licensing Social Total
publishing
H1 2025 revenue £ £ £
Primary geographical markets
UK, including Channel Islands 309,298 - 309,298
USA 8,682,271 1,922,195 10,604,466
Isle of Man 729,832 - 729,832
Malta 2,190,227 - 2,190,227
Gibraltar 1,344,400 - 1,344,400
Rest of the World 812,895 - 812,895
14,068,923 1,922,195 15,991,118
Contract counterparties
Direct to consumers (B2C) - 1,922,195 1,922,195
B2B 14,068,923 - 14,068,923
14,068,923 1,922,195 15,991,118
Licensing Social Total
publishing
H1 2024 revenue £ £ £
Primary geographical markets
UK, including Channel Islands 593,404 - 593,404
USA 5,628,833 2,056,687 7,685,520
Isle of Man 791,493 - 791,493
Malta 2,200,938 - 2,200,938
Gibraltar 1,531,295 - 1,531,295
Rest of the World 778,827 778,827
11,524,790 2,056,687 13,581,477
Contract counterparties
Direct to consumers (B2C) - 2,056,687 2,056,687
B2B 11,524,790 - 11,524,790
11,524,790 2,056,687 13,581,477
EBITDA
Licensing Social publishing Head Office Total
H1 2025 £ £ £ £
Revenue 14,068,923 1,922,195 - 15,991,118
Other income - 103,870 - 103,870
Marketing expense (36,005) (111,747) (49,183) (196,935)
Operating expense (2,361,453) (707,847) - (3,069,300)
Administrative expense (3,433,208) (585,396) (1,309,835) (5,328,439)
Adjusted EBITDA 8,238,257 621,075 (1,359,018) 7,500,314
Share option and related charges (262,168) 145 (743,306) (1,005,329)
Adjusting items (146,732) - - (146,732)
EBITDA 7,829,357 621,220 (2,102,324) 6,348,253
Licensing Social publishing Head Office Total
H1 2024 £ £ £ £
Revenue 11,524,790 2,056,687 - 13,581,477
Other income - 85,994 - 85,994
Marketing expense (31,794) (200,968) (49,545) (282,307)
Operating expense (2,186,710) (806,773) - (2,993,483)
Administrative expense (2,776,194) (622,170) (1,221,073) (4,619,437)
Adjusted EBITDA 6,530,092 512,770 (1,270,618) 5,772,244
Share option and related charges (69,376) 611 (231,064) (299,829)
Adjusting items - - - -
EBITDA 6,460,716 513,381 (1,501,682) 5,472,415
3. Finance income and expense
6M 6M
30 June 2025
30 June 2024
£ £
Finance income
Bank interest received 294,449 176,213
Interest income on unwind of deferred income 4,300 11,935
Total finance income 298,749 188,148
Finance expense
Bank interest paid 20,851 20,544
Interest expense on lease liability 39,906 4,205
Total finance expense 60,757 24,749
4. Adjusting items
EBITDA is profit before interest, depreciation and amortisation and is a
non-GAAP measure. Adjusted EBITDA is EBITDA before adjusting items, which are
items that Management considers to be significant, non-recurring and outside
the Group's ordinary activities that may distort an understanding of financial
performance or impair comparability.
Adjusted EBITDA is stated before adjusting items are follows:
6M 6M
30 June 2025
30 June 2024
£ £
Other income (225,000) -
Legal expenses 371,732 -
Adjusting items 146,732 -
The adjusted other income and legal expenses relate to a legal case that
settled during the period. The other income represents costs reimbursed in
relation to the matter.
5. Earnings per share
Basic earnings per share is calculated by dividing the result attributable to ordinary shareholders by the weighted average number of shares in issue during the period. The calculation of diluted EPS is based on the result attributable to ordinary shareholders and weighted average number of ordinary shares outstanding after adjustment for the effects of all dilutive potential ordinary shares. The Group's potentially dilutive securities consist of share options.
6M 6M
30 June 2025
30 June 2024
£ £
Profit after tax attributable to the owners of the parent Company 2,656,352 3,296,608
Number Number
Denominator - basic
Weighted average number of ordinary shares 294,511,837 294,636,673
Denominator - diluted
Weighted average number of ordinary shares 294,511,837 294,636,673
Weighted average number of option shares 14,621,095 11,963,655
Weighted average number of shares 309,132,932 306,600,328
Pence Pence
Basic earnings per share 0.90 1.12
Diluted earnings per share 0.86 1.08
6. Property, plant and equipment
ROU lease assets Leasehold improvements Computers and related equipment Office furniture and equipment Total
£ £ £ £ £
Cost
At 1 January 2025 1,273,948 16,733 605,685 129,858 2,026,224
Additions - - 40,779 14,891 55,670
Exchange differences (8,744) (458) (9,481) (2,571) (21,254)
At 30 June 2025 1,265,204 16,275 636,983 142,178 2,060,640
Accumulated depreciation and impairment
At 1 January 2025 170,875 6,711 457,660 73,959 709,205
Depreciation charge 131,933 1,036 45,830 10,949 189,748
Exchange differences (3,119) (245) (6,243) (1,633) (11,240)
At 30 June 2025 299,689 7,502 497,247 83,275 887,713
Net book value
At 1 January 2025 1,103,073 10,022 148,025 55,899 1,317,019
At 30 June 2025 965,515 8,773 139,736 58,903 1,172,927
7. Intangible assets
Goodwill Customer database Software Development costs Licenses Domain names Intellectual Property Total
£ £ £ £ £ £ £ £
Cost
At 1 January 2025 6,690,804 1,485,413 1,278,316 30,492,397 476,882 8,874 5,876,983 46,309,669
Additions - - - 3,386,500 88,756 - 4,207 3,479,463
Disposals - - - - (278,592) - - (278,592)
Exchange differences (101,756) - - (87,620) - - - (189,376)
At 30 June 2025 6,589,048 1,485,413 1,278,316 33,791,277 287,046 8,874 5,881,190 49,321,164
Accumulated amortisation and impairment
At 1 January 2025 1,650,000 1,485,413 1,278,316 20,906,235 351,062 8,874 5,861,191 31,541,091
Amortisation charge - - - 2,107,862 57,858 - 2,019 2,167,739
Disposals - - - - (278,592) - - (278,592)
Exchange differences - - - (53,660) - - (53,660)
At 30 June 2025 1,650,000 1,485,413 1,278,316 22,960,437 130,328 8,874 5,863,210 33,376,578
Net book value
At 1 January 2025 5,040,804 - - 9,586,162 125,820 - 15,792 14,768,578
At 30 June 2025 4,939,048 - - 10,830,840 156,718 - 17,980 15,944,586
8. Taxation
6M 6M
30 June 2025
30 June 2024
£ £
Current tax
Current tax charge (33,387) (431,444)
Adjustment for current tax of prior periods - 24,602
Total current tax expense (33,387) (406,842)
Deferred tax
Movement on deferred tax asset through profit and loss (1,501,459) 155,549
Overseas temporary differences (37,560) (2,031)
Total deferred tax (expense)/ credit (1,539,019) 153,518
Total tax expense (1,572,406) (253,324)
The reason for the difference between the actual tax charge for the period and
the standard rate of corporation tax in the UK applied to profits for the year
are as follows:
6M 6M
30 June 2025
30 June 2024
£ £
Profit before tax for the period 4,228,758 3,549,932
Expected tax at effective rate of corporation tax in the UK of 25% (2024: 1,057,190 887,483
25%)
Expenses not deductible for tax purposes 138,726 78,438
Income not chargeable for tax purposes (25,968) (21,499)
Share scheme deductions under Part 12 CTA 09 (57,059) (63,173)
Effects of overseas taxation 17,721 198,897
Difference between IFRS 2 expense and deferred tax charge on share options 500,921 -
Research and development tax credit (59,125) (49,125)
Movement in deferred tax not previously recognised - (777,697)
1,572,406 253,324
Deferred Tax
The analysis included in the financial statements at the period end is as
follows:
30 June 31 December
2025
2024
£ £
Deferred tax assets
Tax losses carried forward 513,018 1,513,556
Unexercised share options 1,996,453 1,140,859
Deferred tax assets 2,509,471 2,654,415
Deferred tax liabilities
Overseas temporary differences (268,920) (240,338)
Deferred tax liabilities (268,920) (240,338)
Net deferred tax asset 2,240,551 2,414,077
The deferred tax included in the Group income statement is as follows:
6M 6M
30 June 2025
30 June 2024
£ £
Deferred tax assets on losses movement (1,000,538) 155,549
Deferred tax asset for tax deduction on unexercised share options (500,921) -
Overseas temporary differences (37,560) (2,031)
Total deferred tax (expense) / credit (1,539,019) 153,518
The deferred tax asset movement is as follows:
Tax losses Share options Total
£ £ £
At 31 December 2024 1,513,556 1,140,859 2,654,415
Movement on asset relating to tax losses (1,000,538) - (1,000,538)
Deferred tax asset for deduction on unexercised share options through profit - (500,921) (500,921)
and loss
Deferred tax asset for deduction on unexercised share options through equity - 1,356,515 1,356,515
At 30 June 2025 513,018 1,996,453 2,509,471
The deferred tax liability movement is as follows:
Overseas temporary differences Total
£ £
At 31 December 2024 240,338 240,338
Overseas timing difference on intangible assets 37,560 37,560
Exchange differences (8,978) (8,978)
At 30 June 2025 268,920 268,920
9. Trade and other receivables
30 June 31 December
2025
2024
£ £
Trade receivables 2,302,891 3,393,311
Other receivables 315,764 199,627
Tax and social security 1,034,879 998,276
Prepayments and accrued income 787,577 2,177,366
4,441,111 6,768,580
All amounts shown fall due for payment within one year.
10. Trade and other payables
30 June 31 December
2025
2024
£ £
Trade payables 599,618 907,876
Other payables 220,247 197,764
Tax and social security 380,777 336,313
Accruals 2,626,466 2,413,908
3,827,108 3,855,861
The carrying value of trade and other payables classified as financial
liabilities measured at amortised cost approximates fair value.
11. Share capital
30 June 30 June 30 June 30 June
2025
2025
2024
2024
Ordinary shares Number £ Number £
Ordinary shares of 295,819,814 295,819 294,826,444 29,482,643
0.1 pence each (2024: 10 pence each)
The Company's issued share capital on 30 June 2025 was 295,819,814 ordinary
shares, of which 1,108,779 shares are held in treasury (see Note 13).
Therefore the number of ordinary shares with voting rights in the Company was
294,711,035.
The issue of 993,370 ordinary shares relates to the exercise of share options
during the period. The increase in share capital of £993 and share premium
of £184,467 totalling £185,460 is disclosed in the consolidated statement of
changes in equity and consolidated statement of cash flows.
12. Share based payments
The share option and related charges income statement expense comprises:
6M 6M
30 June 2025
30 June 2024
£ £
IFRS 2 share-based payment charge 487,848 267,348
Direct taxes related to share options 517,481 32,481
1,005,329 299,829
IFRS 2 (Share-based payments) requires that the fair value of equity settled
transactions are calculated and systematically charged to the statement of
comprehensive income over the vesting period. The total expense that was
charged to the income statement in the period in relation to share-based
payments was £487,848, being £472,627 equity settled and £15,221 cash
settled (H1'24: £267,348 equity settled and £nil cash settled).
Where individual EMI thresholds are exceeded, or when unapproved share options
are exercised by employees, the Group is subject to employer taxes payable on
the taxable gain on exercise. Since these taxes are directly related to
outstanding share options, the income statement charge has been included
within share option and related charges. The Group uses its closing share
price at the reporting date to calculate such taxes to accrue. The tax
related income statement charge for the period was £517,481 (H1'24:
£32,481). The large increase in the period to the direct taxes related to
share options is primarily due to the increase in the share price.
During the period 2,554,000 share options were granted to certain directors
and employees. The share options vest providing an associated service
condition is satisfied. The May 2025 option grant vests in equal annual
tranches, meaning one third of the granted options vest on 6 May 2026, the
second third on 6 May 2027 and the final third on 6 May 2028. The February
2025 option grant vests entirely at the end of the vesting period.
Grant date 7 May 2025
No. of options 2,454,000
Vesting date 6 May 2026-6 May 2028
Model used Black Scholes
Share price at date of grant (pence) 44.00
Expected option life 3 years
Dividend yield n/a
Fair value per option at grant date (pence) 44.00
Exercise price (pence) -
Exercisable to 6 May 2035
Grant date 10 Feb 2025
No. of options 100,000
Vesting date 21 November 2027
Model used Black Scholes
Share price at date of grant (pence) 39.70
Expected option life 3 years
Dividend yield n/a
Fair value per option at grant date (pence) 39.70
Exercise price (pence) -
Exercisable to 9 Feb 2035
In addition during the period 110,000 share options were granted to overseas
contractors. These options vest on 6 May 2028 providing an associated service
condition is satisfied. The options will be settled via a cash payment based
on the prevailing share price at the time of exercise and there is no
potential for the liability to be settled via equity. The options have
therefore been accounted for as a cash settled option. The key terms of the
options are:
Grant date 7 May 2025
No. of options 110,000
Vesting date 6 May 2028
Expected option life 3 years
Exercise price (pence) -
Exercisable to 6 May 2031
The liability relating to cash settled share options at 30 June 2025 was
£21,731 (30 June 2024: £nil).
13. Share buyback
During the period the Group repurchased 1,108,779 ordinary shares with a
nominal value of 0.1 pence at a weighted average price of 37.02 pence per
share. The total cost was £410,520 inclusive of associated trading fees and
the shares are currently held at cost in the treasury share reserve within
equity.
14. Related party transactions
Jim Ryan is a Non-Executive Director of the Company and the CEO of Boyd
Interactive U.S. LLC (previously Pala Interactive LLC), which has a real-money
online casino site in New Jersey, Pennsylvania and Ontario. During the period,
total license fees earned by the Group were $57,346 (H1'24: $43,785) with
$7,690 due at 30 June 2025 (30 June 2024: $10,569). During the period the
Group distributed its content to certain North American partners via Boyd's
B2B platform distribution network, with platform fees of $10,936 being
incurred (H1'24: $9,972) of which $2,604 was owed at 30 June 2025 (30 June
2024: $5,645).
Boyd Interactive U.S. LLC acquired Resorts Digital Gaming LLC on 1 September
2024. During the period ended 30 June 2025 the Group earned $40,548 of license
fees from Resorts Digital Gaming LLC, with $19,334 due at 30 June 2025.
During the period £80,000 (H1'24: £75,000) of consulting fees were due to
Dawnglen Finance Limited, a company controlled by Michael Buckley. The amount
owed at 30 June 2025 was £5,000 (30 June 2024: £Nil).
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