Gaming Innovation Group revenues up 29% in Q4 2017
Nordic focused gaming company, Gaming Innovation Group (GIG) has revealed a 29% year-on-year rise in its group revenues for the fourth quarter of 2017.
In its final financial filing of the year, the company disclosed operating revenues of €39.9m, rising €9.1m from the previous Q3 results and up 86% year-on-year when compared to Q4 2016.
GIG EBITDA for the fourth quarter rose to €7.9m from its previous Q3 2017 total of €3.0m.
Revenues from B2B operations increased 55% year-on-year to €18m, while company revenues from B2C operations rose more modestly by 16% to €25.4m.
Company revenue for the entirety of 2017 jumped 125% from €53.6m in 2016 to €120.4m, with a corresponding rise in EBITDA, which increased 115% to €12.5m in 2017.
During the fourth quarter of 2017, GIG successfully entered the US market after agreeing a partnership with Hard Rock International. The company also launched Highroller.com and moved to a new headquarters in Malta.
In a statement accompanying the results, Robin Reed, CEO of GIG said: “Through the last three months of 2017 we made solid progress across the organization – and reached the target of revenues above EUR 120 million for the full year. The achievements are a testament of the capabilities and value of our proprietary technology, products and organization.”
Detailing its objectives for 2018, GIG revealed another stage in its US expansion plans, announcing its intention to gain an online gaming licence in New Jersey during the first half of 2018.
Reed added: “We have taken large strategic and organic steps throughout 2017. The effects have now started to be evident in the financial performance. Going forward this trend will be strengthened. We look forward to a 2018 where we expect to see more positive results from the initiatives we have made – and those that we have in the pipeline.”
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