GiG Q1 2020 revenue down 4%
Gaming Innovation Group (GiG) has reported revenue of €31.1m ($33.7m) for Q1 2020, a drop of 4% year-on-year.
EBITDA was €2.5m for the period, a fall of 39%, while operating expenses were €12.9m, down 3%.
GiG’s B2B segment saw Q1 2020 revenue of €12.7m, a decrease of 11%, and its media services generated €8.2m, a fall of 10%.
Revenue from the B2C segment was €20m, down 1%, while EBITDA from this segment was €1.2m, a drop of 8%.
Cash flow from operations was €8.1m for the quarter, up 84%.
After completing a strategic review in February the company decided to divest its B2C assets to Betsson in a €31m deal.
The fee consisted of €22.3m in cash payments, plus a pre-paid platform fee of €8.7m.
Other cost-saving initiatives have been implemented, with GiG expecting to reduce its operating expenses and headcount to approximately 430 by the end of 2020.
Richard Brown, GiG CEO, said: “GiG returns to topline growth as a group for the first time in five quarters, and many of the actions we have taken in Q4 and Q1 will enable further cost savings, optimisation of the organisation and performance that will be a leaver to improved earnings in the second part of the year.”
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