Online bingo and social casino operator Stride Gaming plc posted a trading update ahead of releasing its full-year financial report for the twelve months ended August 31, 2016.
The gambling company said that trading was very strong during the year’s second half, which is expected to drive full-year financial performance ahead of original expectations. Stride Gaming projected net gaming revenue of no less than £47 million, compared to net gaming revenue of £27.8 million generated during the twelve months ended August 31, 2016.
EBITDA, too, is expected to grow by almost a half year-on-year. The company expects EBITDA of no less than £12.3 million. In comparison, the amount of £7.3 million was generated during the previous fiscal year. Stride Gaming pointed out that EBITDA has increased on a year-to-year basis despite the fact that the previous financial year contained only nine months after the introduction of the Point of Consumption tax. The gambling group noted that it plans to announce its full-year financial results sometime in November.
During the fiscal year ended August 31, 2016, Stride Gaming’s organic growth was particularly strong, the company said in its most recent trading update. In addition, it completed the acquisition of the Netboost Media, 8Ball Games, and Tarco businesses on August 31, 2016, and will now focus its attention on integrating the three companies’ operations into the groups’ own and on maximizing synergies.
Commenting on the latest trading update, Stride Gaming CEO Eitan Boyd said that they are happy with the organic growth from their robust underlying business. With the recently acquired companies and the organic growth reported, the company is now positioned as the fourth largest online bingo operator in the United Kingdom, the official further dwelt. With all the positive developments at hand, the gambling group is looking forward to what is to come next “with confidence,” Mr. Boyd added.
Generally speaking, Stride Gaming operates in the online bingo and international social casino markets. The company has adopted a multi-branded strategy across its two core verticals and uses both proprietary and purchased software to provide its services. It is licensed and regulated by the UK Gambling Commission and the Alderney Gambling Control Commission.
