Gamesys Posts Tasty H1 Pre-nup
Amid its ongoing £2 billion (US$2.76bn/€2.36bn) merger with US casino retail-heavy Bally’s Corp., software group Gamesys has posted a very positive 17.3 per cent year-on-year increase in revenue to £398.8 million (US$551.4m/€470.7m) during its H1, ending June 30.
Growth was driven principally by its UK and Asian markets, reported the London, Piccadilly Circus-headquartered online gaming software innovators.
The UK offered the top flow of income, with revenue of £237.3 million (US$328m/€280m), a 20 per cent comparative increase. Virgin Games, Monopoly Casino and Rainbow Riches casino brands all turned in sterling performances.
Revenue in Asia increased by an even larger margin, to almost 30 per cent, to £128 million (US$177m/€151m) – although revenue in Germany, Scandinavia and Spain fell by an almost equal margin, to a sluggish £24.3 million (US$33.6m/€28.7m).
Rest-of-world revenue, led by North America, remained even at £9.2 million (US$12.7m/€10.8m).
Costs were up 18.5 per cent to £355.9 million (US$464.4m/€396.4m), while Adjusted earnings, before EBITDA, grew by 16 per cent to £110.3 million (US$152.5m/€130.2m).
After allowing for interest paybacks, the company recorded a pre-tax profit of £32.4 million (US$44.8m/€38.2m), some 20 per cent more than H1 last year, and scored a net profit of £14 million (US$19.35m/€16.52m), down 40 per cent year-on-year.
“The group has delivered another set of excellent results for the first half of 2021,” said Gamesys Chief Executive Lee Fenton.
“This reflected significant double-digit revenue growth in our key markets of the UK and Asia. We remain fully confident in the group’s ability to deliver long-term sustainable growth.”
The Gamesys-Bally’s merger is set to complete in Q4 this year.
For its part, Bally’s has reported a net profit of US$68.9m (£49.83m/€58.8m) for its own 2021 H1 — a big year-on-year increase and indicative of the revived strength of real-world betting.