NYX revenue improved significantly before OpenBet deal

By David Cook
NYX Gaming Group improved its revenue by 89% year-on-year to C$18.8m (£9.9m) for the first quarter of 2016, its last quarter in operation before acquiring fellow provider OpenBet.

Royalty and licence revenue was in fact listed as the main driver of growth, which was C$16.5m and NYX said it benefitted from a full contribution of acquisitions and four new customers launching during the period.

Another sizeable increase was achieved with gross profit, which rose 85% to C$16.2m and adjusted EBITDA virtually doubled to C$4.8m.

However, net loss went up 82% to C$9.1m, and this bracket has previously in part been put down to the acquisition of poker network Ongame from Amaya in November 2014, a loss-making business which is set to be sold to an undisclosed buyer.

The report has been released in the same week that NYX confirmed it has completed its £270m purchase of OpenBet, which was part-funded by William Hill (£80m) and Sky Bet (£20m).

NYX’s combined revenue with OpenBet for 2015 would have been over C$207m and OpenBet’s results will be part of the combined company results from the next financial report, covering Q2.

The NYX share price was down C$0.05 to C$2.55 on the TSX Venture Exchange on Thursday.

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