Gamesys Reports Growth in Key Markets in Asia and the UK
Gamesys has issued its H12021 revenue report, showing growth in key markets, reduced debt and increased cash flow.
Gamesys with Encouraging Revenue Numbers for H12021
Gamesys Group Plc continues to succeed in its key performances, with positive results in the UK and Asia, but is facing challenges on the European mainland – Spain, Germany and Scandinavia, resulting in a decline in its European unit revenues by 29%. The setback in revenue across Europe was compensated by the North American market, while revenue from other markets worldwide had a marginal decline of merely 1% year-on-year.
The company has published its H1 trading report, showing growth in the UK and Asia. In the UK, the company’s revenue rose by 20% due to its strong performance of its B2C brands like Monopoly Casino, Virgin Games and Rainbow Riches Casino. Its Asian markets saw a rise by 30%.
Markets in the UK and Asia are Gamesys Group’s driving force, amounting to up to 17% increase in revenues to almost $551.8 million (£398 million) compared to $471.3 million (£398 million) in H12020.
The general key performance indicators were also achieved across multiple markets, including expanding Average Active Players (AAPs) by 16%/month from 640,436 to 744,807. The revenue grew by 23% monthly from $70.5 million (£50.9 million) to $87 million ( £62.8 million).
Gamesys Group CEO Lee Fenton said, “The Group has delivered another set of excellent results for the first half of 2021 with revenue growth of 17% and adjusted EBITDA1 increasing by 16% during the period.”
The company posted its adjusted EBITDA of a little over $152 million (£110 million), an appreciable increase over the $131.6 million (£95 million) in the same period last year.
Gamesys Group Reduces Debt and Increases Cash Flow
The group also reduced its debt by paying down $138.5 million, and its cash balances rose to over $351 million by June 30, 2021. The group has an operating cash flow of $143.4 million and cash conversion of 94% from adjusted EBITDA.
According to Fenton, the company is focused on operational execution and product innovation. The company enhances safer gambling initiatives across all of the markets. He is confident that Gamesys will have long-term sustainable growth.
Gamesys to Merge with Bally’s Corp
Gamesys will continue its plans to see itsLSE business merge its operating units with Bally’s Corp. The company will complete its $2.7-billion takeover during Q2 and aims to finish it by the end of the trading year.
The Gamesys Board reserves its right “to declare an interim dividend of up to 15.0p for the year ending on December 31, 2021.” The dividend will be paid on October 15, 2021, to shareholders who are on the register by September 10, 2021. The ordinary shares will become “ex-dividend” on September 9, 2021. The arrangement of the merge with Bally’s Corp will not come into effect before that date.
Eva is a PR specialist and communications expert with ten years of experience in campaign organizing and creative writing. She is also a published author of fictional stories. Eva recently developed an interest in economics and the gaming industry after discovering the inspirational story of Molly Bloom.
