Gaming Realms (GMR) H1 2024 earnings summary

Executive summary

• Achieved record interim results for H1 2024, with total revenue up 18% to £13.6m and profit before tax up 51% to £3.5m compared to H1 2023.

• Core content licensing revenue grew 28% to £11.2m, driven by expansion in North America and new game launches.

• Adjusted EBITDA rose 21% to £5.8m, with margin improving to 43%; excluding brand licensing, Adjusted EBITDA grew 46%.

• Launched with 22 new partners and 7 new games, increasing unique players by 24% to 3.5m.

Financial highlights

• Content licensing revenue: £11.2m (+28% YoY); brand licensing: £0.3m (-67% YoY); social revenue: £2.1m (+17% YoY).

• Total revenue: £13.6m (+18% YoY); Adjusted EBITDA: £5.8m (+21% YoY); profit before tax: £3.5m (+51% YoY).

• Net cash at period end: £9.6m (+28% from Dec 2023); net asset position: £28.1m (Dec 2023: £24.4m).

• Basic EPS: 1.12p (H1'23: 0.86p); diluted EPS: 1.08p (H1'23: 0.84p).

Outlook and guidance

• Board remains optimistic for FY24, focusing on international expansion and new market entries.

• Recent launches in West Virginia and British Columbia, with further premium game releases planned for H2 2024.

• Licensing revenue up 33% in the two months post period-end versus prior year.