Stride Gaming Lauds Full Year Results

STRIDE GAMING LAUDS FULL YEAR RESULTS

28th November, 2016 at 14:03:47
Source: http://www.azonlinecasinos.com

Strong organic growth and successful acquisition strategy.

Social gaming and online bingo gaming company Stride Gaming plc delivered strong full year results for the 12-month period ending August 31, 2016.

The company attributed its success to robust organic growth and the completion of its "transformational" acquisitions of 8Ball, Netboost Media and the Tarco Assets.

Key performance highlights include (results adjusted to reflect InfiApp acquisition and impact of POC tax):

- Group Net Gaming Revenue ("NGR") up 22% to 47.8 million (2015: Pro-forma 39.3 million and reported of 27.8 million);

- Group Adjusted EBITDA* up 27% to 12.3 million (2015: Pro-forma 9.7 million and reported 7.3 million);

- Adjusted earnings* up 27% to 10.9 million (2015: Pro-forma 8.6 million);

- Adjusted basic earnings per share* up 8% to 21.2 pence per share (2015: Pro-forma 19.6 pence);

- Gross assets up 117% to 105.8 million (2015: 48.7 million), including cash of 21.1 million (2015: 7.4 million);

- Placement of 12 million shares raising 27 million (before expenses);

- Refinancing of an existing 8 million shareholder loan facility with Barclays PLC post year end; and

- Final dividend of 1.4 pence per share recommended by the Board, subject to shareholder approval at the AGM, taking the total dividend for the full year to 2.5 pence per share.

- Acquisitions of 8Ball, Netboost Media and the Tarco Assets completed for total consideration payable in shares and cash of up to 70.2 million;

- Real money gaming funded players** up 37% to 71,220 (2015: 52,000);

- Yield per player up 7% to 120 (2015: 112) reflecting an improvement in engagement and player monetisation;

- Gross gaming revenue*** ("GGR") through mobile and touch devices represents 51.8% (2015: 40.4 percent) of total Group GGR;

- Successful integration of InfiApps, the mobile social gaming company acquired in July 2015; and an increase in average deposit size to US$24.5 (2015: US$17).

- InfiApps daily average revenue per paying user increased to US$35 (2015: US$28.5).

"I am delighted to present these excellent results to shareholders," Eitan Boyd, chief executive officer of Stride Gaming commented. "2016 was an exciting year for the Company where we once again delivered strong organic growth and undertook transformational acquisitions.

"With 105 brands and 10% market share of the UK online bingo market following these acquisitions, Stride Gaming now has material scale, strong operational leverage and occupies a pre- eminent position in the soft gaming market."

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