GIG - Q2 rapport

Warom
GIG 14.08.2019 kl 08:00 13559

Gaming Innovation Group Inc. (GiG) reports Q2 2019 revenues of €31.0 million and an EBITDA of €2.5 million.

“With the second quarter behind us, the outlook has improved. I am confident that the recent strategic actions we have taken will lead to revenue growth and an improved bottom line in H2. It has been a quarter with some headwind, primarily due to a tougher Swedish market.

Our global expansion will be driving sequential growth in both B2C and B2B in H2 and we will manage that growth with a strong focus on execution as the Company is heavily focused on improving earnings per share.”, says Robin Reed, CEO of GiG.

Financial highlights
● Revenues for Q2 2019 were €31.0m (36.9), impacted by the Swedish market and termination of a customer contract in Q4 2018
● EBITDA was €2.5m (1.7) in Q2 2019, corresponding to an EBITDA margin of 8.1% (4.6)
● Revenues for the B2B segment in Q2 2019 were €13.1m (15.6). EBITDA was €2.1m (4.4)
● Revenues for the B2C segment in Q2 2019 were €19.6m (24.2), with a positive EBITDA of €0.4m (-2.8)
● Other operating expenses quarter-on-quarter decreased by 2% in Q2 2019 as a result of increased efficiencies and cost-savings across the organisation
● Cash flow from operations in Q2 2019 was €3.2m (8.2)

Operational highlights
● GiG partnered with New Zealand's largest entertainment company SkyCity Entertainment Group on 21 May for a turnkey, fully managed online casino solution, launch date was 8 August
● One new brand was signed to Platform Services in Q2 2019, two customers were launched in April with an additional three brands in the pipeline for launch. The total number of brands on the platform is 35
● Rizk launched a dedicated and branded live casino studio on 11 June and the brand was also launched in India
● In August, GiG divested its brand Highroller to affiliate and operator Ellmount Gaming Ltd. for a total price of €7 million. The acquirer will become a B2B customer of GiG and continue to operate Highroller on GiG’s platform
● GiG was granted B2B and B2C licences for online casino and sports betting in Spain and a Class II licence in Romania, allowing affiliate marketing
● A new SEK400m senior bond was issued on 14 June with a SEK1,000m borrowing limit, refinancing part of the existing bond and credit facilities

Outlook
● The Company is expecting both sequential revenue growth and improved bottom line as its global expansion is driving growth in both B2B and B2C in H2
● Growth will be managed with strong focus on execution and cost control

Investor presentation and webcast:
CEO Robin Reed will present the Q2 results at 10:00 CET at Helio GT 30, Grev Turegatan 30, Stockholm. The presentation will be given in English and available live via webcast and via a telephone link. Questions can be asked via this web link:
https://tv.streamfabriken.com/gig-q2-2019
Dealsen
04.09.2019 kl 16:27 579

Rally i GIG for tiden! 5 øre opp i dag :)
anderix
04.09.2019 kl 16:31 572

Ikke jinx denne nå Dealsen 😅
Warom
05.09.2019 kl 09:09 350

Der var det mange som "fikk viljen sin" med tanke på at Robin Reed når går av.
Personlig finner jeg ingen øyeblikkelig glede over det. Robin har vært en kanonbra CEO i den fasen de har vært i siden den spede begynnelsen for noen år siden. Nå er det tydeligvis behov for utskifting over til "ny fase" og jeg vil benytte anledningen til å gratulere RR med den jobben han har gjort og ikke minst ønske han lykke til videre.

Han er jo fortsatt en av de største aksjonærene, så regner med han har ønske om økte aksjonærverdier i tiden fremover.

Gaming Innovation Group (GiG) changes leadership
The Board of Directors of Gaming Innovation Group Inc. (GiG) has decided to replace the CEO of GiG, Robin Eirik Reed, who leaves his position today 5 September 2019. GiG’s Chief Operating Officer Richard Brown assumes the position as acting CEO as of today.

Petter Nylander, Chairman of the Board of GiG comments: “Robin has played a crucial part in building a unique one-stop global technology provider and we all owe him our sincere gratitude for this. However, the company now enters into the next phase of its development with different challenges and opportunities and the Board has reached the conclusion that GiG therefore also needs a different leadership. We have a skilled management team in place, I and the Board have full confidence in the Chief Operating Officer, Richard Brown who will be acting CEO of GiG from today.”

Petter Nylander will, with immediate effect, increase his engagement to take a more active role in GiG in order to support both the succession process and the management team, strategically as well as operationally. The recruitment of a permanent CEO will start immediately.

Petter Nylander continues: “The strategy of GiG remains unchanged; to be the global operator and partner for strong brands in iGaming, with a sweetspot in taking an offline casino brand to a strong online offering, as we have with SkyCity and Hard Rock. We are focusing on securing potential contracts within the B2B Platform services and on servicing our many customers with fully managed and component solutions. We will continue the development of the Media services and the sportsbook, not least to leverage GiG’s opportunities in the US. We will also continue driving the B2C Gaming operators with a focus on growth in new markets.”