Gig Hails Q3 Results


02nd November, 2016 at 14:26:49

Expects to exceed FY2016 targets.

Gambling solutions provider Gaming Innovation Group (GIG) released encouraging Q3/2016 results Wednesday.

Financial highlights for the 12-week period include:

- Operating revenues of Euro 14.5 million (incl. Euro 2.7 million from Betit), up 50% from Euro 9.7 million in Q2/2016

- Organic revenue growth of 23% quarter-on-quarter.

- B2C revenues of Euro 11.4 million, up 76% from Euro 6.4 million in Q2/2016.

- B2B revenues of Euro 4.9 million, up 6% from Euro 4.3 million in Q2/2016.

- EBITDA of Euro 1.07 million, up from Euro 0.96 million in Q2/2016 (incl. Euro 0.34 million in transaction expenses).

- Marketing expenses amounted to Euro 5.4 million (35% of revenues), compared to Euro 3.6 million in Q2 (37% of revenues).

According to GIG, its online gaming operation Rizk has outperformed expectations during its first nine-months of operation. The company is preparing to roll the product out in several new markets during 2017.

"During the recent year we have successfully transformed from a marketing firm to a technology company. We have throughout this period recruited approximately 250 new employees and built a strong organisation to secure growth and develop the company further. We have exceeded our goal of 20 signed iGC-clients by year end, a result of the efforts of our highly skilled employees and the company's innovative solutions", Robin Reed, chief executive officer of GIG said.

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