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NEWS 28 November 2016

Stride Gaming announces audited full-year results

By Dhanum Nursigadoo
Stride Gaming updated the market with an announcement on its year end results. The operator attributes its 22% year-on-year net gaming revenue increase, from £39.3m to £47.8m, to organic growth throughout the year, ending 31 August 2016.

This growth was expected from the operator after forecasts made by Stride Gaming in a pre-close trading update in September, with the company’s projection that EBITDA would rise to £12.3m being spot-on, a 27% increase from the previous year.

Adjusted earnings also increased by 27% year-on-year, reaching £10.9m.

Eitan Boyd, CEO of Stride, comments: “I am delighted to present these excellent results to shareholder; 2016 was an exciting year for the company where we once again delivered strong organic growth and undertook transformational acquisitions.

“With 105 brands and 10% market share of the UK online bingo market following these acquisitions, Stride Gaming now has material scale, strong operational leverage and occupies a pre-eminent position in the soft gaming market.

“The business has never been in such a strong position to build on its excellent achievements of 2016.

“Our focus in 2016-17 will be on integrating these recent acquisitions, continuing our strong organic growth and examining entry into other soft gaming verticals.

“Looking ahead, we are excited by the outlook for the group as we build on our goal of being the leading UK based soft gaming company and maximising value for shareholders.”

RELATED TAGS: Financial
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