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Stride posts revenue and profit surge

Niji Narayan

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Stride posts revenue and profit surge
Photo credits: www.usel.co.uk
Reading Time: 2 minutes

Stride Gaming, a UK-based international gaming company, has posted record revenue growth in the six months up to February this year. The company’s net gaming revenue (NGR) touched £44.9 million ( $60.1 million) –  up by 14 per cent than the same period last year. The company attributed this achievement to the success of its real-money gaming business.

Adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) was down slightly to £8.7m, while adjusted earning remained level at just over £8m.

Profit after tax and discontinued operations rocketed by 114 per cent from a loss of £10.3m last year to a positive figure of £1.5m in the first half of the current year.

As a result, basic profit per share jumped 113 per cent from a loss of 15.3 pence to a plus of two pence, with Stride proposing a final dividend of 1.3 pence per share.

In a statement, Stride said: “Driven by continued growth in our core real-money gaming business, and underpinned by further investment in Stride’s customer offering, proprietary technology and people, the group has delivered solid financial results with NGR up 14 per cent to £44.9m.

“After adjusting the prior period cost of sales to reflect the new point-of-consumption tax, which became effective on August 1, 2017, like-for-like adjusted EBITDA also increased by 19 per cent to £8.7m.

“Whilst the UK remains the largest regulated online gaming market in the world it is experiencing greater regulatory and fiscal focus than ever before which is making it a more challenging market to operate in.

“At this stage, it is difficult to predict whether the pending further increases in UK taxation and regulatory compliance will present growth and consolidation opportunities for Stride or not.

“Meanwhile, the board will continue to appraise the best growth options for the group.

“Our focus will now shift towards accelerating our international growth plans in line with our strategic focus to diversify the business and expand in attractive regulated markets globally.

“As an agile operator with our own proprietary technology at the core of our business and customer offering, I believe Stride is well placed to adapt, evolve and flourish.”

 

Source: iGamingBusiness

Industry News

Arrow&Square offers COVID 19 advice for iGaming B2B comms

George Miller

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Arrow&Square offers COVID 19 advice for iGaming B2B comms
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PR & content consultancy launches in Malta for iGaming sector

Arrow&Square, a B2B comms and content consultancy with a footprint in Malta and London, is offering free advice for iGaming companies whose marketing communications activity for 2020-2021 has been disrupted by the Coronavirus outbreak.

Jools Moore, director at Arrow&Square, commented, “Notwithstanding the global health crisis, this is a tricky time for businesses everywhere, but the show must go on.  We’re keen to support the iGaming community, and offering some free advice is a great way to introduce ourselves, no strings attached. In the short term we all have to adapt marketing strategies to this ‘new normal’, with no end in sight for the current disruption.”

Any companies interested in discussing their marketing communications in 2020 should visit www.arrowandsquare.com to get in touch with the team for a complimentary review.

With COVID-19 disrupting various marketing activities in the iGaming sector, the events calendar has been particularly hard hit. Both marketing and commercial teams now need to adjust their approach to communications to offset the loss of the global events roster.

Industry events have traditionally provided a platform for networking, sharing new products and services, key messaging, thought leadership, branding and more.  With the postponement of these staples in the industry calendar, marketers will need to refocus their efforts with comms and content activity to take on more heavy lifting when it comes to B2B marketing.

Moore has provided comms and content services for the iGaming sector since 2004, most recently as Comms and Publishing director for SiGMA Group, the Malta-based events company.

He added, “During this testing period, Arrow&Square will offer free counsel to iGaming companies concerned about losing share of voice while the world locks down to prevent further spread.   We’ll audit your social media presence, suggest new ways to use content marketing to connect new leads and business connections, and advise on how to approach B2B communications with trade media.”

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Industry News

App Store’s App Conversion Deadline Extended Again

Niji Narayan

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App Store’s App Conversion Deadline Extended Again
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Tech giant Apple has decided to extend the app conversion deadline again. Last year, the Company issued a directive that required that all of the mobile apps on its App Store be fully native to iOS, its mobile operating system.

Apple now extended the deadline for compliance with the new directive to June 30. Until then, the HTML5-powered mobile gaming apps will still be available on the App Store.

This is the third time that Apple is postponing the deadline. The first extension was up to September 2019. The second postponement took the deadline to March 31. Both the extensions seemingly did not work out. That is why the company announced the third extension, which sets July 31 as the new deadline.

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Industry News

Hexopay Appoints James Fleming as Global Director of Payments

Niji Narayan

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Hexopay Appoints James Fleming as Global Director of Payments
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Hexopay, a leading global payments company, has appointed James Fleming as its Global Director of Payments. Fleming has been in the online gambling industry management, especially in the payments domain, for more than 17 years.

Fleming started his career as the Managing Director of iGaming recruitment specialist BettingJobs.com in 2003. Later, he joined EML Payments as Commercial Director.

“I’m delighted to add a person of James’s calibre and experience to the Hexopay family and wish him every success as we continue on this amazing journey. James will be leading the sales function and managing a team who work with our partners in every part of the world and we’re hugely excited to have him as part of our leadership team,” Bryan Blake, CEO of Hexopay, said.

“Joining Hexopay was too exciting an opportunity to walk away from. I’ve been watching with interest as the company navigated its way through the start-up phase and it’s been amazing to see it achieve such huge success in a very short period of time. I’m now looking forward to joining the team and helping build on the fantastic technology, partners and clients already in place,” James Fleming said.

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