UK-based gaming developer Gaming Realms posted revenue of £11 million ($14.41 million) for the first half of 2018, 27% lower than the same period last year, according to a release.
The developer of the ‘Slingo’ line of games announced an improved adjusted earnings before interest, tax, depreciation and amortization (EBITDA) for the period, of £400,000 ($524,000), which was £1.5 million ($2 million) higher than last year’s first-half loss.
The company noted that licensing revenue increased 175% to £600,000 ($786,000), while social publishing revenue decreased 48% to £2.1 million ($2.8 million), with an 88% reduction in marketing spend, to £200,000 ($262,000).
CEO Patrick Southon said, “We believe that licensing our platform and content to leading brands and gaming operators will deliver high margin revenues, and we have been very pleased with the results of our efforts over the first half of 2018.”
Among the company’s achievements for the first half was the signing of six new contracts licensing its ‘Slingo Originals’ gaming portfolio in New Jersey and Europe, the launch of new ‘white label’ real money gambling sites for Health Lottery, and the sale of its affiliate business for £2.4 million ($3.14 million).
Since then, it has disposed of 70% of its UK business-to-customer (B2C) brands to River UK Casino for as much as £23.1 million ($30.3 million), of which £4.2 million ($5.5 million) was received last August, the rest to be received “upon the completion of the June 2019 audit.”
Nine weeks into the second half of the year, the company increased licensing revenue 88%, and real money gaming revenue excluding UK B2C brands increased 10%.
For the rest of the fiscal year, Gaming Realms said it will further expand its ‘Slingo Originals’ library with additional content, sign more licensing deals for ‘Slingo Originals,’ and grow its partnership base in real money business-to-business (B2B), which “will diversify customer concentration, provide a higher quality of income, increase revenues and allow the sharing of marketing spend.”