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(Sharecast News) - Mobile-focussed games developer Gaming Realms said on Monday that both revenues and adjusted underlying earnings had risen in 2023, predominately driven by content licensing.
Gaming realms expects to report full-year revenues of roughly £23.0m and an adjusted EBITDA of no less than £10.0m, up 23% and 28% year-on-year, respectively, in line with internal expectations. It added that it ended the year with a net cash balance of £7.5m.
The AIM-listed company said its "strong performance" was predominantly driven by content licensing, with growth across all major markets. During the year, Gaming Realms went live with a further 44 partners across all its markets. In terms of geographic expansion, the company obtained licenses to supply its games into West Virginia's igaming market, its seventh license in North America, as well as Greece.
Chief executive Mark Segal said: "I am delighted to report on the exceptional year Gaming Realms has experienced. Our growth in FY23, with a 23% increase in revenue and a 28% rise in adjusted EBITDA, underscores the strength and appeal of our gaming content in the global market.
"The expansion into new territories and the addition of 44 new partners demonstrates our commitment to broadening our reach and enhancing player experiences. As we look ahead, we remain focused on delivering engaging content and expanding our footprint in key markets, ensuring that Gaming Realms continues to be a leader in the mobile gaming industry. We look forward to the future and the current year's performance with confidence."
As of 1020 GMT, Gaming Realms shares were up 1.05% at 37.89p.
Reporting by Iain Gilbert at Sharecast.com
