Gaming Innovation Group (GiG) has reported ‘all-time high’ revenues in its fourth quarter financials, as the B2B technology and media services provider returns to full-year profits and positive cash flow.
Publishing its Q4 update, GiG declared revenues of $20.67m, up 29% on 2020’s $15.9m. The provider’s Media Services outmatched tough comparatives, generating revenues of $14.54m (Q4 2020: $10.22m) during the quarter.
GiG’s B2B platform unit maintained revenues of $6.02m, up 8% year-over-year (Q4 2020: $5.56m), due to it still being impacted by ‘discontinued white labels’.
The provider also posted a 30% YoY improvement in corporate EBITDA to $6.36m (Q4 2020: $4.66m), declaring period EBIT profits of $2.04m (Q42020: -$113,560).
CEO Richard Brown commented: “We have closed off 2021 with another strong quarter for the group with revenues at an all-time high, 29% up and EBITDA up 35% compared to the fourth quarter of 2020.
“While pleased with results for Q4, I still very much feel that we are only beginning our journey towards creating full value potential in the group’s business. Media Services continues to go from strength to strength, expanding rapidly in new markets and taking further share of wallet in existing markets.”
For the full year, GiG recorded consolidated revenues of $75.86m, up 28% YoY (2020: $59.05m). Marketing expenses nearly doubled to $12.83m (2020: $7.49m) – as costs were attached to increased business activities of its media services unit – that accounted for Pay-Per-Click (PPC) expenses of $7.27m.
The provider’s full-year operating expenses (personnel costs/salaries) were maintained at $38.61m, with its full-year corporate EBITDA at $23.51m, a 93% increase YoY (2020: $12.15m), reflecting an EBITDA margin of 31.1% (2020: 20.6%).
Closing 2021 accounts, GiG anticipates declaring corporate EBIT profits of $7.95m, reversing 2020 losses of $9.88m.
Updating stakeholders, 2021 was deemed as a transformative year for GiG, laying down the foundations for further growth beyond European markets.
Specifically, GiG noted the expansion of its media services for North American incumbents in which Wsn.com and Casinotopsonline.com were outlined as top-performing media assets. Its platform services will also be boosted by the acquisition of French sportsbook software supplier Sportnco.
Brown added: “The team and strategy has delivered exceptionally well during 2021 with organic growth of 31% on a full year basis, and Q4 rounded off this stellar year with another quarter of all-time highs in both revenue and EBITDA.
“2021 was an exciting and rewarding year, and our first full year as B2B only focus, and we have made real ground in positioning the business and have continued to focus on improving our client offering and operational structures to enable us to continue to pursue the success and growth opportunities that are in front of the business to ultimately deliver value for our shareholders.”