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Gaming Realms shares climb over 16% on positive trading update

2nd June 2020 8:43 am GMT
Gaming Realms

Shares in London-listed gaming supplier Gaming Realms were trading more than 16 per cent higher Tuesday morning after the company said that it expects to exceed its EBITDA target for the year.

In a trading update released early Tuesday, Gaming Realms said that its strong performance in the first quarter of the year had continued into April and May, with licensing revenue increasing by 80 per cent and social gaming revenue climbing 15 per cent. This followed a 90 per cent increase in licensing revenue in the first quarter of the year.

The company attributed the strong performance to the continued growth in new licensing partners, which now includes 888casino.com, Sky Betting & Gaming in the UK, and DraftKings in New Jersey, as well as the high level of take-up for its games among operator partners, driven by the release of three new Slingo games this year.

As a result of the strong growth, Gaming Realms expects full-year EBITDA to be ‚Äúsignificantly ahead of current market expectations‚ÄĚ.

Shares in Gaming Realms plc. (LSE:GMR) were trading up 16.34 per cent on the news at 11.75 pence per share in London Tuesday morning.

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