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NEWS 6 November 2019

GiG announces new CEO as Q3 revenue drops

By Owain Flanders

Gaming Innovation Group (GiG) saw revenue of €30.2m ($33.5m) for Q3 2019, down 19% year-on-year.

The supplier reported EBITDA of €2.7m, a decrease of 46%.

B2C revenue was €20.2m, a 17% fall, while B2B revenue was €11.9m, down 23%.

GiG subsidiary Rizk represented 75% of B2C revenue, with strong performance in Central Europe and Scandinavia (excluding Sweden).

The supplier attributed its revenue decline to a tough Swedish market and the terminating of a customer contract in Q4 2018 affecting year-on-year comparisons.

Following the release of its Q3 results, the supplier also announced the appointment of Richard Brown as its new CEO.

Brown, who joined GiG in 2017 as Managing Director, was appointed acting CEO at the beginning of September, replacing former CEO and Co-founder Robin Reed.

Brown said: "I am delighted to accept the position of CEO for Gaming Innovation Group; having worked here for the past four years I see massive potential for the company.

"While industry headwinds may have dampened progress in 2019, I am extremely excited about the future of the group and this new phase of the company’s life cycle."

RELATED TAGS: Online | Financial | Industry
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