Gaming Realms Share Price (GMR)

Still no sign of a dividend though

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gaming realms delivered another strong year in 2025, underpinned by the continued success of its licensing-led model, expansion across regulated markets and the scalability of its proprietary slingo content portfolio. revenue increased 10% to £31.4m, while adjusted ebitda rose 15% to £15.0m, with margin expanding to 48% from 46%. that margin progression is particularly important, as it highlights the operational leverage embedded in the business: incremental licensing revenues are flowing through at attractive profitability levels.the core driver remains content licensing, which grew 13% to £27.6m and now represents the clear majority of group revenues. this is a highly attractive model, combining recurring, capital-light revenue with broad geographic diversification and strong cash generation. the group continues to benefit from demand for mobile-first, recognisable gaming formats, particularly slingo, while its expanding distribution footprint allows it to monetise content across a growing number of operators and regulated jurisdictions. geographically north america remains the key growth engine. the us accounted for 52% of content licensing revenue and grew 19% in 2025, with delaware becoming the sixth regulated igaming state in which gaming realms is live. more broadly, north america represented 63% of total content licensing revenue...

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Double bottom on the chart.

I can see this moving up now.

I agree about divis, it would really show share holder confidence and have more of a positive impact than share buy backs.

I agree SR....

I also agree with Schwee's comment about the Company being rather generous with the reallocation of the shares bought back in the market, to share schemes for the staff. I wish that they would just cancel them, and properly realise the value of the exercise. Yes we need a motivated workforce, but I am sure that they will be well paid and get annual bonuses too. These are the main currencies for rewarding staff. The rewards from value creation, should go to the shareholders who have risked the capital.

But, to your point Sunday Roast, I don't understand the fall in SP from high forties to low thirties, which is supposedly attributable to the changes last year in minimum stakes in the UK, when 75% of our revenues come from outside the UK, and are not affected by this change. The company seems for have taken effective action to restore the UK revenues, and yet neither of this nor the increasing mix of non-UK revenues have replenished the SP.

10x EBITDA plus cash in bank, gives an enterprise value of £167m. This equates to an SP of 62p. It is quite possible that an aggressive acquirer will need to pay more than 10x.

Other than being a means for financing the Staff Share hand-outs, the Share buy backs have been pretty ineffective. I would rather see a dividend, - but I have been saying this for 3+ years now!.

This share owes me nothing, in that historic gains made from riding the peaks and troughs more than pay for the current value of the 125,000 shares that I have, but in a way, that's not the point.... If it doesn't get back to a fairer valuation, then it might be time to re-cycle the capital elsewhere., but intrinsically, I feel that this share will reward patience, and that is the only reason why I am still here.

FG

Looks like bottom is reached here?

With all the share buy backs and cash in the bank seems undervalued