Contagious hit by full-year losses despite revenue jump

Contagious Gaming has revealed that despite having achieved significant year-on-year revenue growth during the 12 months through to March 31, 2015, it suffered heavy losses across other key financials.

Revenue in the period amounted to $1.6 million (€1.1 million), up from $765,220 in the previous year.

However, adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) came in at negative $1.3 million, compared to a loss of $447,100 in the same 12-month period a year earlier.

Contagious also recorded losses in term of adjusted earnings, with the loss of $2.1 million significantly worse than the negative figure of $625,900 last year.

Despite the losses, Peter Glancy, chief executive and director of Contagious, was upbeat about the company’s performance, pointing out the firm’s total assets at the end of the year amounted to $13.8 million, compared to just $1.1 million in the previous year.

Contagious’ total cash was also up from just $16,800 in the year ended March 31, 2014, to $2.6 million this year.

“Since going public in September of 2014 we have achieved significant milestones across all of our business verticals, including the launch of Goal Time with our first white label partner (Trinity Mirror) and the deployment of our eInstant portfolio in the US,” Glancy said.

“We look forward to advancing our business in the upcoming year as we continue to roll-out Goal Time and the further deployment of our eInstants as more US lotteries continue to digitise their offerings.”

“We continue to progress on the acquisition of long-standing B2B sports betting platform provider, Digitote, which generates approximately $5 million in revenue and $1.million in EBITDA.”

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