Gaming Innovation Group grows in 2017

Gaming Innovation Group posted record Q4 performance and grew considerably during FY2017.

Malta.- During the last quarter of 2017, Gaming Innovation Group Inc. (GIG) continued its profitable growth, reporting all-time-high quarterly revenues of €39.9 million, and Earnings before interest, tax, depreciation and amortisation (EBITDA) of €7.9 million. The increased profitability is driven by growth in recurring B2B revenues.

Operating revenue during 2017 reached €120.4 million, which represents an increase of 125 per cent on the €53.5 million posted in the previous year. Furthermore, EBITDA amounted to €120.4 million, up 115 per cent year-on-year, as marketing expenses also jumped by 147 per cent to €41.7 million.

“Through the last three months of 2017 we made solid progress across the organization – and reached the target of revenues above €120 million for the full year. The achievements are a testament of the capabilities and value of our proprietary technology, products and organization,” Robin Reed, CEO of GIG said, adding: “Our goal is to re-invent the value chain in the industry, replacing it with an open and connected eco-system, benefitting users, suppliers and operators alike. I see the recently announced Hard Rock partnership as one evidence of our capabilities to develop these industry leading services.”

Mr Reed also explained that the company has taken “large strategic and organic steps throughout 2017”and assured “the effects have now started to be evident in the financial performance.” He added: “Going forward this trend will be strengthened. We look forward to a 2018 where we expect to see more positive results from the initiatives we have made – and those that we have in the pipeline.”