Interim Results
18% revenue growth, Adjusted EBITDA1 up 30% driven by international licensing expansion
International footprint set to expand
CITY OF LONDON, GB / ACCESS Newswire / September 8, 2025 / Gaming Realms plc (AIM:GMR), the developer and licensor of mobile focused gaming content, is pleased to announce its interim results for the six months to 30 June 2025 (the "Period" or "H1'25").
Financial highlights:
| H1'25 | H1'24 | Change |
| £m | £m | % |
Revenue (Content licensing) | 11.7 | 11.2 | +4% |
Revenue (Brand licensing) | 2.4 | 0.3 | +623% |
Revenue (Social) | 1.9 | 2.1 | -7% |
Total revenue | 16.0 | 13.6 | +18% |
Adjusted EBITDA | 7.5 | 5.8 | +30% |
Profit before tax | 4.2 | 3.5 | +19% |
Total revenue increased 18% to £16.0m in H1'25 (H1'24: £13.6m)
Group Adjusted EBITDA grew 30% to £7.5m (H1'24: £5.8m), representing a 47% Adjusted EBITDA margin (H1'24: 43%)
Total licensing revenues grew 22% to £14.1m (H1'24: £11.5m):
Content licensing revenue increased 4% to £11.7m (H1'24: £11.2m)
UK content licensing revenue fell 13% in H1'25 (21% in Q2'25) due to UK staking limit changes introduced in April 2025. However, the trend improved sharply in July (reduced to a 16% decline) and August (reduced to a 9% decline) as new Slingo innovations were certified and released.
Ex-UK content licensing revenue continued to perform strongly, up 18% in H1'25 with US up 22%
Brand licensing revenue increased 623% to £2.4m (H1'24: £0.3m), due to the completion of a significant brand deal during the period
Profit before tax increased 19% to £4.2m (H1'24: £3.5m)
Net cash at period end up 28% to £19.0m (Dec'24: £13.5m) with continued strong cash generation
Reported revenue negatively affected by currency movements between GBP and USD
Operational highlights:
Launched content in the regulated markets of Brazil and British Columbia, Canada
Granted supplier license in Delaware, USA
Released six new unique Slingo games into the market, including Slingo Fishing Bob and Slingo Honey Crew, taking the distributed games portfolio to 95 titles
Launched with 19 new partners globally:
In North America with the British Columbia Lottery Corporation ("BCLC") and Hollywood Casino in West Virginia
In South America with BetMGM, Superbet and KTO in Brazil, and BetPlay in Colombia
In Europe with GG Poker, Microgame and E-Play 24
Launched a further three third-party slot games, bringing the total number of third-party games distributed to 17 (Dec'24: 14)
Post period-end:
Licensing revenue increased 2% in the two months post period-end compared to the same period in 2024. This is satisfactory given the negative impacts of currency translation and the new staking limit regulations in the UK which gave a decline of UK licensing revenue of 16% in July and 9% in August (referred to above)
Launched content with Rush Street Interactive in Delaware, USA, the sixth U.S. state where the Group distributes its content
Launched Slingo content with Bet365 in Brazil, Golden Nugget in Ontario and Betly in West Virginia
Released Slingo Cash Eruption as well as three NFL franchise branded Slingo gamesin partnership with BetMGM
1 EBITDA is profit before interest, tax, depreciation and amortisation expenses and is a non-GAAP measure. The Group uses EBITDA and Adjusted EBITDA to comment on its financial performance. Adjusted EBITDA is EBITDA excluding share option and related charges and adjusting items, which are significant, non-recurring items outside the scope of the Group's ordinary activities. See Note 4 for further details.
Summary:
Gaming Realms has sustained its growth through the first half of 2025, executing on its strategy of developing and licensing innovative games globally to market-leading brands and operators, as well as licensing our IP into adjacent markets.
Revenue for H1'25 increased by 18% on a reported basis, and 21% at constant currency, driven primarily by the Group's international licensing business. Adjusted EBITDA rose 30% to £7.5m, with margins expanding to 47% (H1'24: 43%).
Content licensing from the UK (which accounted for 29% of the content licensing total in the period) was negatively affected by the staking limits imposed by UK government and the new regulations that came into effect on 9 April 2025. However, The Company made innovations to our Slingo games which have resulted in some recovery in the period since 1 July 2025.
In the period April - June 2025, UK content licensing revenue was down 21% as new staking limits had an impact on the player experience of Slingo. We developed a new tool within Slingo games to accommodate the new staking limits and, as the updated games were approved by the regulator and deployed, the negative impact on our revenues moderated. In the second quarter UK licensing revenues were down 21%, but in July revenues were down 16% and in August were down 9%. It is management's belief that this trend will continue, and the UK content licensing revenues will reach previous levels by the end of this year.
Content licensing outside the UK (which accounted for 71% of the content licensing total in the period) continued to perform strongly with revenue up 18%. The US (54% of the total) has performed particularly strongly, up 26% (at constant exchange rates).
The Group strengthened its regulated market presence with launches in Brazil and with the lottery in British Columbia, Canada. This takes the total number of regulated markets where the Group distributes content to 22.
During the period, we also launched with 19 new operator partners and released six new Slingo titles, including premium games Slingo Fishing Bob and Slingo Honey Crew, alongside three additional third-party slot games.
Outlook for FY25:
Trading in the first half of 2025 was in line with expectations, and the Board remains confident that the Group will maintain this positive trajectory through the remainder of the year.
Looking ahead, the Group is well positioned to build on its momentum and deliver further growth across both new and existing markets.
Our strategic focus for the remainder of the year is to continue to broaden our international footprint through entry into additional regulated markets, while deepening our presence with existing partners to capture further growth opportunities.
Since the period end, we have launched our Slingo content in Delaware - the sixth U.S. regulated iGaming state in which the Group's content is now live with Rush Street Interactive. Further launches are expected in the regulated markets of the Philippines, South Africa, Switzerland and Greece in the near term.
These market expansions will be underpinned by:
The release of premium Slingo titles in the second half of 2025, including Slingo Gold Fish and Slingo Slinguini;
Creation of new slots team for diversification of content portfolio
The continued growth of our third-party games pipeline and distribution.
Commenting on the first half performance, Mark Segal, Chief Executive Officer, said:
"The Group has delivered a strong first half, with revenue increasing 18% and Adjusted EBITDA up 30%, reflecting the success of our strategy to expand internationally through licensing. Our entry into newly regulated markets, including Brazil, British Columbia and Delaware, underlines the global demand for our content and the strength of our operator partnerships. With further launches scheduled in additional regulated jurisdictions and a robust pipeline of new Slingo and third-party titles, we remain well positioned to deliver continued growth and enhance shareholder value in the second half of the year and beyond."
An analyst briefing will be held virtually at 9.30am today. To attend, please contact Yellow Jersey at gamingrealms@yellowjerseypr.com.
Enquiries
Gaming Realms plc Michael Buckley, Executive Chairman Mark Segal, CEO Geoff Green, CFO | 0845 123 3773 |
Peel Hunt LLP - NOMAD and Joint Broker George Sellar Andrew Clark | 020 7418 8900 |
Investec Bank plc - Joint Broker James Hopton Lydia Zychowska | 020 7597 4000 |
Yellow Jersey Charles Goodwin Annabelle Wills | 07747 788 221 |
About Gaming Realms
Gaming Realms creates and licenses innovative games for mobile, with operations in the U.K., U.S., Canada and Malta. Through its unique IP and brands, Gaming Realms is bringing together media, entertainment and gaming assets in new game formats. As the creator of a variety of SlingoTM, bingo, slots and other games, we use our proprietary data platform to build and engage global audiences. The Gaming Realms management team includes accomplished entrepreneurs and experienced executives from a wide range of leading gaming and media companies.
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http://www.rns-pdf.londonstockexchange.com/rns/3105Y_1-2025-9-7.pdf
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SOURCE: Gaming Realms PLC
View the original press release on ACCESS Newswire:
https://www.accessnewswire.com/newsroom/en/sports-leisure-and-entertainment/gaming-realms-plc-announces-interim-results-1069938
