CEO of the Malta-headquartered Gaming Innovation Group (GiG), Richard Brown, has praised the company’s “strong start to the year” following the announcement of its Q1 2021 financial results.
“The first quarter of 2021 is a strong start to the year and another positive step forward for Gaming Innovation Group, with strong results-driven from the work and strategic initiatives pushed through in the last 12 months.
“We are happy with the overall progress and look forward to continuing to grow towards our long term objectives,” he said.
GiG saw its Q1 revenues reach €18.3 million, up 64 per cent through organic growth. Its normalised revenues reached €15.4 million, an increase of 44 per cent when compared to the same period last year.
EBITDA was clocked at €4.l million, up 674 per cent, with normalised EBITDA margin increase to 29.6 per cent.
Revenues in Media Services reached an all-time high of €10 million in Q1 2021, an increase of 23 per cent.
Two new agreements were signed for Platform Services in the first quarter, with one new agreement signed so far in the second quarter. In addition, the development for five new brands was completed, whereof three are live on the platform and the remaining two are pending at the client’s decision to launch, expected to be during Q2 2021.
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Carmelo Romano, the former CTO, has transitioned to a consultative role within the company