Thursday September 10,2015 : STRIDE GAMING RELEASES TRADING UPDATE
FY profits set to exceed GBP 7 million says online bingo operator.
Good existing business momentum and a solid performance from a new social gaming acquisition have boosted the commercial progress of the Stride Gaming online bingo group, giving Management the confidence to predict that full year EBITDA this year will top GBP 7 million.
The UK group includes Kitty Bingo, Lucky Pants Bingo, Bingo Extra, Jackpot Cafe, Jackpot Liner and King Jackpot, as well as online casino brands Spin and Win and Magical Vegas. It also owns an Italian online gaming business, Baldo.
In a trading update Thursday Management revealed that net gaming revenue for the financial year to August 31, 2015 will be not less than GBP 25 million, and adjusted EBITDA will be not less than GBP 7 million.
The company said the second half of the financial year has continued to see strong organic growth within the business, and the board is encouraged not only by the momentum in its existing business, but also by the encouraging initial indications from the recently acquired internationally focused mobile social gaming company, InfiApps Ltd.
For the six months ended 28 February 2015 (H1-2015), Stride Gaming plc revenues increased from GBP 4.3 million to GBP 11.7 million. Net income totaled GBP 1.6 million vs. a loss of GBP 127,000 in H1-2014.