Gaming Realms (GMR)

Business description

Gaming Realms creates and publishes innovative real money and social games for mobile, with operations in the UK and the US.

Y/E Dec Revenue (£m) EBITDA (£m) PBT (£m) EPS (fd) (p) P/E (x) P/CF (x)
2015A 21.2 (4.1) (5.0) (2.1) N/A N/A
2016A 34.0 (1.0) (4.4) (1.6) N/A 8.7
2017E N/A N/A N/A N/A N/A N/A
2018E N/A N/A N/A N/A N/A N/A

Last updated on 12/12/2017

Investment summary

GMR is leveraging its 'Slingo' brand in real money gaming (RMG) as well as social, and via blue-chip licensing deals (Express Newspapers, 'Britain's Got Talent' website, Love Island TV show). H117 like-for-like revenue grew 5% to £15.7m with an EBITDA loss of £0.9m. GMR anticipates significant positive EBITDA in H217. The August $4m earn-out payment to RealNetworks has been delayed until December (for $4.5m) and the company has raised £1.1m from existing shareholders at 11p/share. Our forecasts are under review.

Last updated on 13/12/2017

Industry outlook

H2 Gambling Capital (March 2017) estimates that the global online casino market generated c €10.5bn in GGR in 2016 and forecasts a 6% CAGR to 2021, with mobile as a key driver. The extension of POC gaming tax to 'free play' is being enforced retrospectively from 1 August 2017.

Last updated on 13/12/2017

Key management

Patrick Southon, CEO
Mark Segal, CFO

Company address

44 Southampton Buildings
United Kingdom
0845 123 3773
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