NYX targets ‘long-term’ revenue growth after H1 success

NYX Gaming Group will aim to achieve a “sustainable” increase in revenue in the long-term after posting significant year-on-year financial growth in the six months through to June 30.

Revenue in the first half of the year amounted to $54.9 million (€49.2 million), which represents an increase of 165.9% on the $20.6 million recorded in the same period last year,

Gross profit in the period climbed 163.2% year-on-year to $47 million, while adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) also rocketed by 224.6% to $15.3 million.

However, NYX did suffer a net loss of $38.2 million in the first half, compared to a positive income of $8.8 million last year.

The firm’s performance in the three months to June 30 also helped to boost its overall results for the first half, with second-quarter revenue up 230% year-on-year to $35.2 million.

Gross profit in the second quarter also climbed 238.3% to $30.8 million, while adjusted EBITDA jumped 313.2% to $10.5 million.

In addition, NYX was able to finalise the acquisition of OpenBet in the second quarter for a total consideration of £270 million.

Matt Davey, chief executive of NYX, said: “With the closing of the OpenBet acquisition, we move our focus from acquisitions to integration of our business operations and delivery of operational leverage.

“We look forward to continuing to strengthen our business model and create reoccurring, sustainable revenue over the long-term across all products for the benefit of our customers and shareholders.”

source : www.igamingbusiness.com

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