Gaming Realms PLC Trading Update (4365L)
July 19 2017 - 1:00AM
UK Regulatory
TIDMGMR
RNS Number : 4365L
Gaming Realms PLC
19 July 2017
Gaming Realms Plc
("Gaming Realms" or the "Company")
H1 2017 Trading Update
Deferment of payment to RealNetworks
On track for profitable year
Gaming Realms plc (GMR.L), the developer, publisher and licensor
of mobile real money and social games, today announces a trading
update for the six months to 30 June and the deferment of its
payment to RealNetworks Inc. ("RealNetworks") until December
2017.
TRADING UPDATE
Trading update for the six-month period ended 30 June 2017 is
outlined below. The Company is on track to deliver a result in line
with the Board's expectations for the year as a whole.
Financial highlights (unaudited):
H1 2016 H1 2017
GBP'm GBP'm
Revenue excluding disposals 14.9 15.7
Adjusted EBITDA(1) (excluding
disposals) (3.6) (0.9)
(1) Before share based payments and restructure costs &
excludes unrealised foreign exchange losses
H1 Highlights include:
-- New B2B content licenses for the Company's Slingo Original
portfolio of games in New Jersey, USA, including Caesars
Interactive Entertainment, GVC, Resorts casino.com, Pala
Interactive and Rush Street Interactive
-- Launch of new 'white label' real money gambling sites
Dealornodealcasino.com and Loveislandgames.com in partnership with
ITV and Storm games
-- Social business integrated resulting in significant cost
savings in the period
DEFERMENT OF REALNETWORKS PAYMENT
Gaming Realms entered into an Asset Purchase Agreement with
RealNetworks Inc. dated 10th August 2015, which provided for a
final payment to RealNetworks of $4m by 10th August 2017. The
company is pleased to announce that this agreement has now been
amended to provide for a final payment of $4.5m to be made to
RealNetworks by 15th December 2017, and Gaming Realms will be
negotiating suitable longer term debt financing to settle this sum
in advance of this date.
CURRENT TRADING / OUTLOOK
With the H1 2017 adjusted EBITDA loss significantly reduced to
GBP0.9m, the Board remains confident in its strategy and is on
track to achieve the Board's expectations for the year as a whole.
The Board anticipates the Company will achieve significant positive
EBITDA in the second half of the financial year with increased
revenues, seasonal marketing costs reduced, and a full period of
benefits from the integration of the social business. To support
this growth, the Company anticipates raising approximately GBP1m
from investors in the relatively short term
The Company will announce its interim results for the Period on
13(th) September 2017.
19 July 2017
The Company considers that this announcement contains inside
information for the purposes of the Market Abuse Regulation
Gaming Realms plc
Patrick Southon, CEO 0845 123 3773
Peel Hunt LLP
Dan Webster
Adrian Trimmings
George Sellar 020 7418 8900
Instinctif
Matthew Smallwood 020 7457 2020
About Gaming Realms
Gaming Realms, only founded in 2012, creates and publishes
innovative real money and social games for mobile, with operations
in the UK and U.S. Through its market leading mobile platform and
unique IP and brands, Gaming Realms is bringing together media,
entertainment and gaming assets in new game formats and driving
market growth. The Gaming Realms management team includes
accomplished entrepreneurs and experienced executives from a wide
range of leading gaming and media companies who have significant
experience of growing and managing business to a substantial
size.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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