It has been an exceptional year for Stride Gaming says the company’s boss, with acquisitions playing an integral part of the group’s growth.
UK-listed online bingo operator Stride Gaming has announced its full year results ending August 31st, posting net gaming revenue of £27.8m, up 227% year-on-year from £8.5 million posted in the same period a year ago.
Revenue from mobile and touch accounted for 48.9% of overall net gaming revenue, compared to 19.7% in the previous fiscal year.
The increase is attributable to Stride’s acquisition of the Table Top Entertainment brands in September 2014; gaming platform from Nextec Software Inc for £14.7m as well as Spacebar Media for consideration of £6m. The company has also acquired InfiApps for up to $40m to move into the social gaming segment of online gaming.
Adjusted EBITDA rose 508% to £7.3m while adjusted profit before tax increased 388% to £3.8m. Stride’s annual pretax profit fell to £360,000 from £840,000 as a result of costs relating to product acquisitions and AIM listing expenses.
“We listed on AIM in an oversubscribed placing, raising £11.2 million before expenses, to facilitate our organic and acquisitive growth strategy to take advantage of the consolidation in the online bingo industry, which is being driven by increasing regulation. We are making significant progress on delivering on our strategy,” said Stride Non Executive-Chairman Nigel Payne.
The company achieved a number of operational milestones that complemented its growth.
Funded players, those active customers who make deposits in their accounts, reached 52,000, up 278% compared to 13,750 registered players last year.
During the period, the company was granted an Italian gaming license and launched three new brands: Bingo Extra, Magical Vegas and Big Top CasinVegas. Currently, there are 39 proprietary games being integrated into the company’s platforms.
“We believe we have put in place a solid foundation from which to further expedite the growth of the Company and the Board looks to the future with confidence,” said Payne.
