Stride Gaming has reported a sharp increase in losses for the
year ended August 31, and also confirmed the acquisition of a
51% stake in Passion Gaming.
Stride reveals losses, details new investment
gaming revenue in the full year amounted to £89.9m
(€101/4m/$118.9m), up 18% on the £76.4m generated in the
previous year, on a pro-forma basis.
earnings before interest, tax, depreciation and amortisation
increased 24% year-on-year to £20.3m, while adjusted earnings
climbed 29% to £18.5m.
Stride Gaming did record a loss of £26.7m, compared to profit
before tax of £194,000 last year, with basic loss per share
coming in at 38.1 pence.
basic earnings per share stood at 27.5 pence, 29% more than
last year, while Stride Gaming has proposed a higher final
dividend per share of 1.5 pence.
Boyd, chief executive of Stride Gaming, said: “2017 has been a
year of significant progress for Stride Gaming during which
the group has delivered outstanding growth in its core
real-money gaming business.
has been driven by our scale and proprietary platform, as well
as the highly successful acquisitions of 8Ball, Netboost Media
and the Tarco Assets in August 2016.
online gaming industry remains fast-growing and dynamic; as an
operator with scale, proprietary technology and operational
momentum we are confident of delivering further success in the
year ahead and continued progress against our growth
Stride Gaming has acquired a majority 51% stake in Passion
Gaming Private for a cash consideration of $3.75m.
Gaming said that the deal fits in with its long-term strategy
of expanding its presence into new growth markets and
attractive, related online gaming product verticals, with the
cash consideration to be invested into the company’s working
capital to accelerate growth.
acquisition agreement also includes the option to purchase the
remaining 49% stake from the existing shareholders over a
three- to five-year period, using a combination of cash and
shares based on the future financial performance of Passion
in 2015, Passion Gaming is the company behind RummyPassion.com
and is focused on the Indian skills gaming market.
have been monitoring the Indian market for some time as we see
strong dynamics in the current environment as well as
long-term growth potential,” Boyd said.
UK market experience and proprietary technology advantage,
combined with Passion Gaming’s market positioning and
operational focus creates a highly attractive proposition. It
has been a pleasure to get to know Bobby and his team and we
are excited about our shared future growth prospects.”
Garg, co-founder and chief executive of Passion Gaming, added:
“We are delighted to partner with Stride Gaming who are widely
recognised as a leading operator and platform provider to the
online gaming industry, with an enviable growth track record.
vision is to provide exhilarating, safe and secure skill
gaming to players in India; working with Stride Gaming places
us in a strong position to bring international standards to
rapidly growing Indian gaming market as we continue to focus
on player acquisition, engagement and loyalty.”
to iGaming Business for the news: http://www.igamingbusiness.com
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