Stride Gaming full-year revenues soar 22%

Stride Gaming recorded a 22% year-on-year increase in full-year revenues following a combination of strong organic growth and the completion of a string of M&A deals.

Revenues for the year ended 31 August 2016 were £47.8m, up from £29.3m last year, while adjusted EBITDA also increased 27% year-on-year to £12.3m.

The 12-month period saw the AIM-listed bingo-led firm complete acquisitions of 8Ball, Netboost Media and the Tarco Assets in shares and cash of up to £70.2m.

Following the deals, Stride increased its market share of the UK bingo market to 10% and also became the fourth largest online bingo operator in the UK.

“With 105 brands and 10% market share of the UK online bingo market following these acquisitions, Stride Gaming now has material scale, strong operational leverage and occupies a pre-eminent position in the soft gaming market,” Stride’s CEO, Eitan Boyd, said.

“The business has never been in such a strong position to build on its excellent achievements of 2016.

“Our focus in 2016-17 will be on integrating these recent acquisitions, continuing our strong organic growth and examining entry into other soft gaming verticals.”

In July 2015 the company also acquired social mobile-focused firm InfiApps for US$39.2m (£25m), which helped adjusted EBITDA from the vertical increase 17% year-on-year to £4.1m.

Real-money revenues were up 31% to £35m, while revenues from mobile and touch devices represented 51% of gross gaming revenue, up from 40.4% last year.

Stride Gaming’s share price was down 1.11% to 244.25 at the time of writing.