GIG HAILS Q3 RESULTS
Expects to exceed FY2016 targets.
Gambling solutions provider Gaming Innovation Group (GIG) released encouraging Q3/2016 results Wednesday.
Financial highlights for the 12-week period include:
– Operating revenues of Euro 14.5 million (incl. Euro 2.7 million from Betit), up 50 percent from Euro 9.7 million in Q2/2016
– Organic revenue growth of 23 percent quarter-on-quarter.
– B2C revenues of Euro 11.4 million, up 76 percent from Euro 6.4 million in Q2/2016.
– B2B revenues of Euro 4.9 million, up 6 percent from Euro 4.3 million in Q2/2016.
– EBITDA of Euro 1.07 million, up from Euro 0.96 million in Q2/2016 (incl. Euro 0.34 million in transaction expenses).
– Marketing expenses amounted to Euro 5.4 million (35 percent of revenues), compared to Euro 3.6 million in Q2 (37 percent of revenues).
According to GIG, its online gaming operation Rizk has outperformed expectations during its first nine-months of operation. The company is preparing to roll the product out in several new markets during 2017.
“During the recent year we have successfully transformed from a marketing firm to a technology company. We have throughout this period recruited approximately 250 new employees and built a strong organization to secure growth and develop the company further. We have exceeded our goal of 20 signed iGC-clients by year end, a result of the efforts of our highly skilled employees and the company’s innovative solutions”, Robin Reed, chief executive officer of GIG said.