GMR growing profits6 Jan 2021 09:17
GMR SP began to rise during the last lock down as folk spent more time gaming online. The biggest danger to shareholder wealth is a takeover approach. I was in Ladbrokes and once they got into the USA they were taken out at a fraction of their future earnings.
Also worth rereading last September trading update which makes me believe GMR will be heading to 30p soon with the potential bonus of a dividend in 2021. the City will note GMR are EBITDA positive.
Since updating the market on 8 September 2020 when publishing its interim results, the Company is pleased to report that business performance and sales momentum has continued the trend demonstrated throughout the first 8 months of this year.
Revenues for the Period are expected to be GBP10.7m, 55% ahead of 2019. As a result of this increase in revenue, the Company expects adjusted EBITDA of not less than GBP2.75m for the year ended 31 December 2020.
This strong performance is due to the expansion of our partners internationally, the release of new "Slingo" games, and improvements to the Group's technology. In the second half of the Period, we have gone live with 5 new partners, including PaddyPower Betfair in Europe, and launched 4 new "Slingo" games including Slingo Fluffy Favourites.
The Company has applied for licenses in Pennsylvania and Michigan in the US and hopes to launch in these states during the first half of 2021.