London AIM-listed multi-brand igaming group Stride Gaming Plc has posted its six-month interim H1 2017 results (period ending 28 February), reporting a 21% increase in corporate revenues to £44 million.
The company has detailed a ‘strong organic growth’ to its portfolio of igaming brands, with an increased yield per player of £127 for its period activity.
The continued improvement of player engagement and retention across Stride brands has seen the firm declare a group adjusted EBITDA of £9.6 million up 20% on corresponding 2016’s £8 million.
Revenue and EBITDA gains would see the London AIM operator declare period adjusted earnings of £8.9 million.
Stride governance detailed that the firm had achieved a strong start to 2017, despite the firm being impacted by a significant 24% decline in its Social Gaming verticals. The company notes that moving forward it will add a weaker outlook for its social gaming division.
Updating investors, Stride governance notes that the firms positive performance has been driven by the firm’s ability to successfully acquire and integrate assets within a short time frame.
Eitan Boyd Stride Gaming CEO commented on the firm’s performance “We are extremely pleased with the financial results from the first half. Our key focus for the second half is to maximise the potential of the Real Money Gaming vertical through strengthening our core business; integrating the acquisitions of 8ball, Netboost Media and Tarco assets; and increasing our market share of the UK bingo market. “
“The second half will see the launch of the joint venture with Aspers and we will look to build our B2B vertical into a substantial revenue generating operation. We will also examine entry into other soft gaming verticals and territories. 6 Stride Gaming is in an excellent position to exploit the opportunities in the market. These strong results once again vindicate our strategy and business model and we remain committed to achieving our goal of becoming a leading international soft gaming company and to creating shareholder value. “