Gaming Innovation Group (GiG) has achieved all corporate transformation objectives laid out in 2020, helping the company achieve its long-term goal of becoming online gambling’s most valuable B2B technology supplier.
Citing continued operational efficiencies during Q4 trading, GiG recorded group revenues of €17.3 million – up 66% on corresponding Q4 2019’s €10.4 million.
Q4 trading saw the Stockholm-listed technology group report an ‘all-time high’ December period for its Media Services division, which recorded revenues of €9 million, up from €7.5 million in Q4 2019.
Meanwhile, GiG’s Platform Services continued to maintain growth after reporting Q4 revenues of €4.9 million – an increase from €4.2 million in the corresponding period in 2019 – despite the unit having to discontinue a number of white-label partners in addition to incurring German market compliance costs.
Focused on securing structural ‘technology savings’ whilst growing its commercial pipeline, GiG returned a positive Q4 EBITDA of €200,000, reversing the 2019 corresponding loss of €1.4 million.
“2020 has seen some significant milestones accomplished in GiG’s journey to become a leading B2B platform and media supplier in the iGaming industry and the fourth quarter continued to demonstrate the results of actions taken through the year,” commented Richard Brown, GiG CEO.
GiG has continued to roll out its group-wide transformation strategy after divesting its entire B2C gaming portfolio in April 2020, with the company choosing to operate as an igaming technology, SaaS and media services provider.
A refocused GiG also reported an instant commercial impact following its strategic decision to add 14 new partners to its platform services during 2020 trading
Looking at 2020 as a whole, GiG’s improved commercial B2B pipeline was considered a key driver for the company’s performance, after it declared ‘normalised revenues’ of €52 million up 19% on 2019’s €44 million.
Combined with a strong close to 2020 trading, GiG recorded a full-year EBITDA of €10.7 million, a significant 212% growth when compared to €3.4 million recorded the previous year.
GiG reduced its full-year 2020 net income loss to €1.8 million, which is a considerable drop from the €32 million loss reported for FY2019. This, said GiG, was largely attributed to costs discontinuing its B2C services.
Updating investors, GiG stated that the firm remained on track to achieve its new long-term objectives as a B2B supplier, delivering double-digit organic growth in 2021 with a view to achieving an EBITDA margin in excess of 40% by 2025.
“I am very excited to see the work put in throughout the teams and across the company to deliver such impressive full-year results for the new look, B2B only GiG,” Brown added.
“The revenue and EBITDA growth is a testament to what has been built up through this year, and we are looking forward towards the continued improving results and growth as the actions through the second half of the year start to be delivered in 2021 and beyond.”