Stride Gaming FY 2015 profits skyrocket
Revenues up 227% to £27.8m while adjusted EBITDA rises 508% to £7.3m
Bingo-led operator Stride Gaming recorded an impressive 508% uptick in profits for the full-year 2015 driven by strong organic growth and a string of acquisitions during the period.
Net gaming revenue (NGR) increased 227% to £27.8m during the 12 months ended 31 August, leading to adjusted EBITDA rising from £1.2m in FY 2014 to £7.3m this year.
Revenues were boosted by the acquisition of Table Top Entertainment in a £14.7m deal last year and the launch of the new Bingo Extra and Magical Vegas brands, with funded players up 278% to 52,000.
Yield per player was up 14.3% to £112 and Stride said mobile and touch represented 49% of NGR during the period, up from 20% last year.
The report is the firm’s maiden full-year results after it listed on AIM back in May, raising £11.2m to help “accelerate” organic and acquisitive growth.
In July, Stride acquired social mobile gaming company InfiApps for $40m, and its social gaming business generating revenues of £1.1m and EBITDA of £271,000 during the year.
Stride Gaming CEO Eitan Boyd said it was an “exceptional period” for his firm and that it had delivered record results across all KPIs.
“The group also made material progress in achieving a number of operational milestones that provide us with a platform for increased growth,” he added.
Stride Gaming’s share price was down 2.8% to 262.5p at the time of writing.