SBC News GiG achieves peak Q4 results as business returns to black

GiG achieves peak Q4 results as business returns to black

Gaming Innovation Group (GiG) has achieved ‘all-timehigh’ metrics closing its end of year trading, as the Stockholm-listed B2B technology and media services provider returns to full-year profits and positive cash-flow. 

Publishing its Q4 2021 trading update, GiG achieved peak revenues of €18.2 million, up 29% on corresponding 2020 results of €14 million.

Period trading saw GiG’s Media Services unit continue to outmatch tough comparatives, generating Q4 revenues of €12.8 million (Q4 2020: €9m).

Further positives saw GiG’s B2B platform unit maintain revenues of €5.3 million, up 8% on 2020 results of €4.9 million – of which GiG notified that the unit’s revenue performance continues to be dragged by the impact  of ‘discontinued white labels’.  

 Achieving peak revenue results, GiG posted a 30% increase in corporate EBITDA to €5.6 million (Q42020: €4.1m) as Q4 headline results saw the firm return to positive trading, declaring period EBIT profits of €1.8 million (Q42020: -€100,000).

Group CEO Richard Brown commented on Q4 results – “We have closed off 2021 with another strong quarter for the group with revenues at an all time high, 29% up and EBITDA up 35% compared to the fourth quarter of 2020.

“While pleased with results for Q4, I still very much feel that we are only beginning our journey towards creating full value potential in the group’s business. Media Services continues to go from strength to strength, expanding rapidly in new markets and taking further share of wallet in existing markets.”

Providing a full-year 2021 update, GiG consolidated revenues stood at €66.8 million, up 28% on 2020 results of €52 million.

Year trading saw marketing expenses nearly double to €11.3 million (FY2020: €6.6) – as costs were attached to increased business activities of GiG’s media services unit – that accounted for Pay-Per-Click (PPC) expenses of €6.4 million.

Despite higher marketing costs, GiG’s full-year operating expenses (personnel costs / salaries) were maintained at €34 million.  

GiG tracked a full-year corporate EBITDA of  €20.7 million, an increase of 93% year-over-year on €10.7 million, reflecting an EBITDA margin of 31.1% (20.6%).

Closing 2021 accounts, GiG anticipates declaring corporate EBIT profits of €7 million, reversing 2020 losses of €8.7 million.

Updating stakeholders, 2021 was deemed as a transformative year for the company that had further ‘laid the foundations’ for growth beyond European markets.

Of note, GiG highlighted the accelerated expansion of its media services for North American incumbents in which Wsn.com and Casinotopsonline.com were outlined as top performing media assets. Whilst GiG platform services will be boosted by the acquisition of French sportsbook software supplier Sportnco during the close of year.

“The team and strategy has delivered exceptionally well during 2021 with organic growth of 31% on a full year basis, and Q4 rounded off this stellar year with another quarter of all time highs in both revenue and EBITDA.” – Brown’s CEO statement underlined.

“2021 was an exciting and rewarding year, and our first full year as B2B only focus, and we have made real ground in positioning the business and have continued to focus on improving our client offering and operational structures to enable us to continue to pursue the success and growth opportunities that are in front of the business to ultimately deliver value for our shareholders.”

Check Also

SBC News SSG: Latin America becoming ‘front of mind’ whilst Europe navigates regulation

SSG: Latin America becoming ‘front of mind’ whilst Europe navigates regulation

Analysing trends from across the global sports betting industry, Spotlight Sports Group (SSG) has published …

GiG has inked an additional agreement with an unnamed existing partner, via its subsidiary Sportnco Gaming, to provide its sportsbook in Colombia.

GiG launches sportsbook and PAM in Colombia via Sportnco Gaming

Gaming Innovation Group (GiG) has inked an additional agreement with an unnamed existing partner, via …

SBC News SOFTSWISS recruits Jan Flores as Deputy CTO ahead of Malta tech expansion

SOFTSWISS recruits Jan Flores as Deputy CTO ahead of Malta tech expansion

SOFTSWISS has confirmed the appointment of Jan Flores as Deputy Chief Technology Officer (CTO) of …