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Bragg Gaming CFO Ronen Kannor announces resignation

Bragg Gaming CFO resigns despite growth in 2023 financials; supplier seeks successor and explores strategic options.

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Bragg Gaming has disclosed the resignation of its Chief Financial Officer (CFO), Ronen Kannor, effective 3 June 2024.

Kannor has notified the company's Board of Directors about his decision to seek other career opportunities. The supplier has initiated the process of searching for a successor. 

Matevž Mazij, Bragg CEO and Chair of the Board, commented: “During his tenure as CFO, the company has undergone huge positive transformation including being uplisted to the Toronto Stock Exchange, dual listed on the Nasdaq and successfully completing two acquisitions, all while reporting consecutive years of revenue, gross profit and adjusted EBITDA growth. We wish Ronen all the very best in his future endeavours.” 

Kannor responded: “It has been an honour to be part of the Bragg team that has successfully navigated many challenges and continued to deliver consistent growth over the past four years. I thank the Board for their support throughout my time with Bragg and I am now fully focused on ensuring a smooth handover to my successor.

“Special thanks goes to my finance team, who work tirelessly to deliver the positive change and financial growth that the Company continues to achieve. I wish them and all of my colleagues continued success with Bragg now and in the future.”

The announcement follows Bragg Gaming's recent release of financial results for the fourth quarter and full year of 2023. Despite experiencing a slight downturn in revenue and profit during the fourth quarter, attributed to renegotiated commercial terms with a key strategic partner, the company reported overall positive results for the year. 

Full-year revenue was up 10.4% to €93.5m ($101.3m), while gross profit increased to €49.9m. Adjusted EBITDA also witnessed a notable rise of 26.3% to €15.2m for the fiscal year 2023.

Additionally, Bragg Gaming confirmed the establishment of a special committee, chaired by independent board member Don Robertson, tasked with reviewing strategic alternatives. This committee will explore various options, including a potential sale of the company or further acquisitions.

Moreover, Bragg Gaming recently obtained a B2B licence from the Peruvian Ministry of Foreign Trade and Tourism, allowing the company to offer online casino games in the Latin American market.

With a vast selection of over 9,000 titles accessible through its Bragg Hub aggregation platform, the company is positioned to support operators in delivering competitive offerings in Peru's expanding online gambling sector.


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