Gaming Innovation Group Inc (GiG) has released its financial results for the third quarter of 2021, showing a strong performance which CEO Richard Brown was “very pleased” with.
Revenues during the period hit €17 million, an increase of 20 per cent, compared to the same period a year before, whereas EBITDA (earnings before interest, tax, depreciation and amortisations) was €5.3 million, up 67 per cent.
The company’s Media Services sector recorded all-time high revenues, hitting €11.2 million during the quarter, up six per cent year-on-year.
Revenues for Platform Services were €5.7 million, an increase of six per cent (32 per cent excluding terminated white-labels), with a positive EBITDA of €0.6 million.
The company’s operational cash flow turned positive, increasing by €8.1 million year-on-year, to hit €7.9 million.
Discussing the period, Mr Brown hailed the momentum the company demonstrated in the quarter, and stated it is continuing to build towards its long term sustainable growth.
Indeed, there were a number of important events for GiG during the period, including the signing of several long term agreements to provide its platform, the launch of a new brand, and the development of three, expected to go live this quarter.
The company entered four new markets in the media vertical, and one with its platform offering.
Looking to the future, Mr Brown stated that its recent moves will enable GiG to “push towards further success in the coming years.”
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Carmelo Romano, the former CTO, has transitioned to a consultative role within the company