REG - Gaming Realms PLC - Pre-Close Trading Update and Board Changes

Gaming RealmsAnnouncement

01/02/2023 07:00

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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                         0845 123 3773

 Michael Buckley, Executive Chairman

 Mark Segal, CFO

 Peel Hunt LLP - NOMAD and Joint Broker    020 7418 8900

 George Sellar

 Andrew Clark

 Lalit Bose

 Investec Bank plc - Joint Broker          020 7597 5970

 Bruce Garrow

 Alex Wright

 Ben Farrow

 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 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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