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GiG releases improved 2020 figures in latest report
GiG, or Gaming Innovation Group, has announced that it has achieved all of its corporate transformation goals that it mapped out last year. This surely helped the company in achieving its long-term objective, which was to become the most valuable B2B technology supplier in the iGaming sector.
The company mentioned that it continued operational efficiencies during the Q4 trading period, and GiG saw group revenues of about €17.3 million, which was a 66% increase on the equivalent for the fourth quarter in the previous year, which was at €10.4 million. During the fourth quarter trading period, the Stockholm-listed technology group witnessed an ‘all-time high’ in the month of December for their Media Services division. They ended up recording revenues worth €9 million, which was a €7.5 million increase from the fourth quarter of 2019.
In the meantime, GiG’s Platform Services also kept maintaining its growth when it acquired €4.9 million in revenues during Q4, which was up from €4.2 million during the same time period in the previous year. This was recorded event though the unit had to bring an end to many white-label partners.
Additionally, the company returned a massive Q4 EBITDA worth €200,000 which made up entirely for the loss in Q4 of 2019 worth €1.4 million.
CEO of GiG Richard Brown said:
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.
GiG completely changed its strategy back in April of 2020 when it announced that it had decided to start operating as an iGaming technology, SaaS and media services provider. This proved to be successful as the company saw a near-instant commercial impact after it signed up 14 new partners to its platform last year. When looking at an overview of 2020 for the company, GiG’s greatly enhanced commercial B2B pipeline was viewed as a main driver for its incredible performance as it recorded ‘normalised revenues’ of €52 million, a great 19% increase on the previous year’s €44 million.
GiG’s full-year EBITDA was recorded to be €10.7 million, which showed huge growth and advancement since 2019’s EBITDA valued at €3.4 million. This meant a 212% improvement. GiG also managed to decrease its net income loss throughout 2020 to €1.8 million. When looking at the previous year’s figures of a whopping €32 million in losses, it is safe to say the company has come a long way. GiG also mentioned that this was mostly caused by the decision to terminate its B2C services.
Brown also stated:
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. 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.
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