Driven by new ‘client launches’ and the continued strengthening of its commercial pipeline, Toronto TSX-listed industry technology and platform provider NYX Gaming Group has reported a strong set of H1 2017 interim results.
Updating investors, NYX has doubled its like-for-like group revenues to CAD $119 million (H1 2016: CAD $54 million), driven by the successful integration of its acquired OpenBet sports betting division.
Closing a busy Q2 operating period, in which the company signed 18 new systems agreements and launched a further 13 new content clients including Soft Swiss, JAXX, Sekabet, Casino Gran Madrid and Goldbet. NYX would double group H1 2017 gross profits to CAD $103 million (H1 2016: CAD $47 million).
Detailing highlights, NYX governance would point to strong KPI gains across its core divisions, which saw a doubling in revenues for its ‘Royalty & Licenses’ as well as revenue growth for ‘Professional Services’ division.
Despite facing increased operational costs of CAD $36 million, NYX governance has managed to reduce H1 2017 period corporate net losses to CAD $18 million.
“We saw positive momentum in the second quarter with sequential improvement in revenue, adjusted EBITDA, and adjusted EBITDA margin from the prior quarter,” commented Matt Davey, CEO of NYX Gaming Group.
“Our development pipeline remains strong and we continue to sign new customers at a steady rate, as our sportsbook, gaming, and content offerings are resonating with customers and driving scale and operating leverage in our business.”
NYX Gaming H1 2017 Performance Overview