M&A drives triple-digit revenue jump for GIG
Group CEO Robin Reed hails "transformed" business after recording Q3 revenues of 15m
Gaming Innovation Group (GIG) has reported a 201% year-on-year rise in Q3 revenues to 14.5m, on the strength of new acquisitions and core organic growth.
The group saw B2C revenues of 11.4m, up 200% from Q3 2015, driven by the completion of the Betit acquisition and better-than-expected performance from casino brand Rizk.com
B2B revenues also increased 160% year-on-year to 4.9m, while group EBITDA reached 1.1m, up from 0 in Q3 2015.
“During the recent year we have successfully transformed from a marketing firm to a technology company,” Robin Reed, CEO of GIG said.
“We have throughout this period recruited approximately 250 new employees and built a strong organisation to secure growth and develop the company further.
“We have exceeded our goal of 20 signed iGamingCloud-clients by year end, a result of the efforts of our highly skilled employees and the company’s innovative solutions,” Reed added.
Reed said GIG will soon roll out Rizk.com in several new markets, and focus on converting new players acquired through TV ad campaigns into long term users.
The Malta-based firm said it expects to exceed its FY 2016 target of 100% revenue-growth, with revenues then set to top 120m in 2017.