Friday August 28,2015 : ONLINE POKER PULLS DOWN N.Y.X. SECOND QUARTER PERFORMANCE
Ongame performance disappoints.
Despite record levels of revenue the NYX Gaming group felt the drag of its underperforming online poker subsidiary Ongame in the second quarter of 2015, its latest results disclose.
NYX reported that:
* Revenues in Q2-2015 were up 44.5 percent year-on-year at $10,7 million;
* Gross profit rose 40.2 percent to $9.1 million;
* Net income rose a record 769 percent from $1.6 million in the preceding year to $13.9 million in Q2-2015;
* Adjusted EBITDA declined from $3 million in the same period last year to a loss of $553,000 in Q2-2015, mainly due to poor poker performance.
On a half-year basis, the company reported:
* H1-2015 revenue up just over 66 percent at $20.6 million;
* Gross profit up 66 percent to $17.9 million;
* Net income rose to a record level of $8.3 million;
* Adjusted EBITDA was down, with a loss of $1 million (H1-2014: $4.4 million).
CEO Matthew Davey characterised the group's performance as "very strong”, flagging the acquisition of Game320 and the buy-out of New Jersey joint venture partner Sportech.
“This quarter, we have generated record revenues in our core business driven by the strong organic performance of our gaming products and are well advanced in our realisation of meaningful cost synergies from our recent