Gaming Realms reports significant revenue growth of 109% to £16.6m inthe six months to the end of June.
This was driven by continued success from its proprietary mobile platform ('Grizzly') and the acquisition of the social gaming assets from Real Networks, which contributed £3.8m of social gaming and licensing revenues in H1/16 (H1/15: £nil)
Real money gambling revenue on the Grizzly platform up 143% to £10.2m (H1/15: £4.2m).
The group posts a loss before interest, tax, depreciation and amortisation of of £3.0m which includes an H1/16 front loaded growth investment in marketing of £9.5m related to the group's ongoing investment in slingo.com and launch of Britain's Got Talent games, as well as the continued scaling in our other real money gaming sites and mobile apps.
This investment in marketing has been the key driver in the growth of our revenues and depositing players, and compares to £5.1m of marketing expenditures in H1/15.
The board believes that the group is trading in line with market expectations, which implies that the group will be EBITDA positive for 2016
Chief executive Patrick Southon said: "The Group has delivered an excellent first half as a result of focusing on our proprietary technology and games publishing and licensing.
"We have seen strong growth on our proprietary Grizzly platform, which has been achieved through the development of unique content, investment in player acquisition and improved use of CRM on mobile.
"We continue to see lower player costs per acquisition than the industry average. Our revenue per active real money player in H1/16 has increased by 56% to £110 v H1/15. At the same time, we have streamlined the business through the disposal of our third party platform bingo sites and marketing agency.
"The integration of the Social Games teams in Seattle and Vancouver Island has been successful and the Group is now producing content through a combined road map for both real money and free to play apps. In addition, we continue to sign strategic partnerships and licensing deals for our content, IP and platform with blue chip partners, which underlines the long term growth prospects of the group."
Gaming Realms also announced the appointment of Peel Hunt LLP as the company's nominated adviser, sole broker and financial adviser with immediate effect.