GiG reports revenue rise of 37% for Q4 2023
GiG surges to record revenues in Q4 2023, up 37%, driven by media growth and platform expansion.
GiG has disclosed its financial performance for the fourth quarter of 2023, showcasing growth and positive trends.
The company reported revenues of €35.6m ($38.1m) for the quarter, reflecting a 37% year-over-year increase.
Petter Nylander, GiG Chairman, said: “I am delighted to share with you the continued strong performance of our company during the fourth quarter of 2023.
“The positive momentum continued, with revenues soaring to €35.6m, representing a solid 37% year-over-year increase and marks the 12th consecutive quarter of record-breaking revenue. Both GiG Media and Platform & Sportsbook are well positioned to provide shareholder value from 2024 as standalone businesses.”
Key highlights from the financial report include:
– Record revenues: GiG achieved an all-time high revenue of €35.6m in Q4 2023, representing an increase of 37% compared to the same period last year.
– Underlying EBITDA: Adjusted for one-offs and split-related costs, underlying EBITDA reached €14.2m, demonstrating an increase of 32%.
– GiG Media: Revenues in GiG Media surged to €26.5m, marking a 49% year-over-year increase. The strong growth was attributed to organic expansion and the successful integration of AskGamblers into the business.
– Platform & Sportsbook: Revenues for Platform & Sportsbook amounted to €9.1m, showing an 11% increase compared to the previous year.
The company also completed bond refinancing during the quarter, which is expected to provide stability for future operations. Additionally, progress was made in the strategic review, with plans to execute the Platform and Media split by the end of Q2-24.
In parallel to its financial performance, GiG announced an expansion of its partnership with Casumo, focusing on a broader range of solutions from GiG’s suite. The collaboration aims to drive growth opportunities for Casumo, particularly its Dunder platform, by leveraging GiG’s suite of services.
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