Gaming Realms has announced impressive financial results for the first half of 2024, reporting a significant 51% increase in pre-tax profit. For the six months ending 30 June 2024, the company achieved £3.5m ($4.5m) in pre-tax profit, highlighting its continued success and expansion across key markets.
Gaming Realms Reports 51% Surge in Pre-Tax Profit for H1 2024, Reaching £3.5m
Revenue Growth and Key Financial Metrics
The company’s interim financial report also revealed a robust 18% growth in total revenue, which reached £13.6m. This growth was primarily driven by a remarkable 28% increase in content licensing revenue, which rose to £11.2m. However, brand licensing revenue experienced a steep decline of 67%, falling to £0.3m, as no significant brand deals were closed during the first half of 2024, unlike the previous year.
Gaming Realms also reported improvements in its adjusted EBITDA, which grew by 21% to £5.8m. This was driven by operational efficiencies, resulting in an adjusted EBITDA margin of 43%, up from 41% in the same period last year. Additionally, the company reported a 28% increase in net cash, with £9.6m on hand as of the end of June 2024.
Expanding Market Presence in North America and Europe
Gaming Realms continued its expansion into key markets in North America and Europe. In North America, the company launched strategic partnerships with FanDuel in Pennsylvania and Connecticut, Fanatics in New Jersey, and the Atlantic Lottery Corporation in Canada. These partnerships have strengthened Gaming Realms’ presence in the US and Canadian gaming markets.
In Europe, Gaming Realms secured new partnerships with Solverde in Portugal, DAZN in the UK, and LiveScore in the Netherlands. These deals reflect the company’s ambition to solidify its footprint in the European gaming industry. Notably, Gaming Realms was also granted a full iGaming Supplier Licence in West Virginia, allowing further expansion into the US market.
New Game Releases and Player Growth
Gaming Realms released seven new games during the first half of 2024, bringing the company’s total game portfolio to 82 titles, up from 75 at the end of 2023. This growing portfolio has helped attract new players, with the company reporting a 24% increase in unique players within its content licensing business. The number of unique players rose to 3.5 million during the reporting period, further driving revenue growth.
Post-Reporting Period Performance
Since the end of the first half of 2024, Gaming Realms has continued to experience strong growth. In the two months following the reporting period, licensing revenue increased by an impressive 33%, further solidifying the company’s position as a leader in the content licensing and online gaming markets.
FAQs About Gaming Realms Reports 51% Increase in Pre-Tax Profit for H1 2024
1. What were Gaming Realms’ pre-tax profit figures for the first half of 2024?
Gaming Realms reported pre-tax profit of £3.5 million ($4.5 million) for the first half of 2024, marking a 51% increase compared to the previous period.
2. How much did Gaming Realms’ total revenue increase in the first half of 2024?
Total revenue for Gaming Realms increased by 18%, reaching £13.6 million for the six months ending 30 June 2024.
3. What drove the growth in Gaming Realms’ revenue?
The growth in revenue was primarily driven by a 28% rise in content licensing revenue, which reached £11.2 million. However, brand licensing revenue saw a significant decline of 67%, falling to £0.3 million due to the lack of major brand deals during this period.
4. What were Gaming Realms’ adjusted EBITDA figures for H1 2024?
Gaming Realms reported an adjusted EBITDA of £5.8 million, representing a 21% increase. The adjusted EBITDA margin also improved to 43%, up from 41% in the previous year.
5. How did Gaming Realms’ net cash position change in the first half of 2024?
The company experienced a 28% increase in net cash, ending the reporting period with £9.6 million.
6. What new partnerships did Gaming Realms form in North America during H1 2024?
In North America, Gaming Realms established new partnerships with FanDuel in Pennsylvania and Connecticut, Fanatics in New Jersey, and the Atlantic Lottery Corporation in Canada.
7. What new partnerships did Gaming Realms secure in Europe?
In Europe, Gaming Realms secured partnerships with Solverde in Portugal, DAZN in the UK, and LiveScore in the Netherlands. The company also received a full iGaming Supplier Licence in West Virginia.
8. How many new games did Gaming Realms release in the first half of 2024?
Gaming Realms released seven new games in the first half of 2024, increasing its total portfolio to 82 titles from 75 in December 2023.
9. What was the increase in unique players for Gaming Realms’ content licensing business?
The number of unique players in Gaming Realms’ content licensing business grew by 24%, reaching 3.5 million during the first half of 2024.
10. How did Gaming Realms perform in terms of licensing revenue following the reporting period?
Following the end of the reporting period, Gaming Realms saw a 33% increase in licensing revenue over the subsequent two months, reflecting continued strong growth.
