Gaming Realms, the developer, publisher and licensor of mobile real money and social games, has announced its interim results for the six months to June 30.
Real money revenue increased by 18 per cent to £4.1m and licensing revenue increased by 175 per cent to £0.6m. Revenue from social publishing decreased by 48 per cent to £2.1m with a reduction in marketing spend of 88 per cent to £0.2m.
Adjusted EBITDA before share-based payments increased by £1.5m to £0.4, but there was a decrease in group revenue driven by social. Cash at bank at June 30 was £0.4m before the receipt of the £4.2m cash payment from River UK Casino for the sale of the UK B2C brands. Capitalised development costs were £1.5m in the period as there was further investment in content and platform development.
Operationally, six new contracts were signed to license the company's Slingo Originals portfolio of games in New Jersey, US, and Europe while new white label real money gambling sites for the Health Lottery were launched. The sale of its affiliate business also raised £2.4m.
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. We look forward to delivering news about more developments on our strategy during the second half of the year."
