Bragg Gaming Group posts revenue growth thanks to Oryx expansion
Bragg Gaming Group has reported substantial revenue growth for 2019, the first full year of operations since acquiring Oryx.
Revenue for FY 2019 was up 41% to €26.6m ($28.8m) on a pro forma basis, on the notion supplier Oryx, which Bragg acquired in August 2018, was owned by the supplier for the whole of 2018.
Gross profit for 2019 came in at €12m, while EBITDA was €1.2m, with Bragg reporting a positive clean EBITDA for the first time.
Bragg pointed out its wholly owned subsidiary Oryx has helped accelerate growth and led to integration with operators such as Betsson and LeoVegas.
It was also announced in May Bragg has agreed to sell its online media division, including GiveMeSport, to Snack Media Limited, for a total consideration of up to €400,000.
In terms of 2020, the supplier forecasts revenue to be in the range of €35m, which would represent a 43% increase from 2019, with limited impact to date from the coronavirus pandemic.
Starting from today (15 May) Ronen Kannor will take over the role of CFO, with Steven Prowse stepping down due to personal reasons.
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