EveryMatrix has declared that it will accelerate the development of its house games studios and US market expansion following a strong start to year trading.
Providing a Q1 trading update, EveryMatrix declared period gross profits of €14 million, up 14% on like-for-like 2021 comparative results of €12.3 million.
The increase in Gross Profit was attributed to substantial growth across all core business units (casino, sports betting and platform services) and a further stabilisation of German market revenues following regulatory adjustments.
Headline growth sees EveryMatrix maintain a four-year compound-annual-growth rate (CAGR) of 35%, as net cash from operations nearly doubled to €11.1 million (Q12021: €5.9m).
EveryMatrix leadership has chosen to reinvest all positive cash flow to help achieve its long-term objectives, expanding investment in the development of Spearhead Studios, Armadillo Studios and SlotMatrix RGS alongside allocation of further resources for its US expansion.
Increased investment costs and an enlargement of the group’s headcount to 669 employees by end of Q1 trading saw EveryMatrix register a 14% decline in period EBITDA to €4.6 million (Q12021: €5.6m).
Ebbe Groes, Group CEO of EveryMatrix, said: “We have started the year with a strong financial performance across all three business segments, driven by our well-balanced and innovative product offering and broad client base.
“We saw a record number of new client wins in the quarter with 40 deals signed across all products. We continue to invest organically for our next level of growth, mainly in our game studios and the North American markets. On top of the organic investments, we are also looking at M&A opportunities.”
Supporting its long-term objectives, EveryMatrix underscored its strengthened commercial pipeline boosted by the addition of Six new Tier 1 clients were added in Q1 across the US, Africa, Asia, and Europe.
Meanwhile, EveryMatrix product portfolio was further strengthened by the successful launch of SlotMatrix, its B2B casino content aggregator that has registered 13 clients since its debut.
Groes concluded: “The strength of the EveryMatrix team, the number of active leads, client wins and launches, and new product features, together with our continued investments, both organically and through M&A, make me confident about our growth and financial performance in 2022 and beyond.”