Industry News

Rank Group Offers £114.5m for Stride Gaming

Published

6 years ago

June 3, 2019

Niji Narayan

The Rank Group appoints Richard Harris as CFO

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The Rank Group has confirmed that they are in advanced discussions over a cash offer of £114.5m for the online operator Stride Gaming. Stride had announced earlier that they were examining the possibilities of a sale amid a difficult business environment.

Stride has announced its interim results for the half-year period ended February 28, 2019.

Net gaming revenue was down 13% to £39.03m, adjusted EBITDA fell by 23% to £6.16m and adjusted net earnings dropped 29.3% to £5.23m. Profit after tax and discontinued operations were up 19.1% to £1.75m.

“The group has delivered a resilient performance in the first half of the year despite challenging trading conditions, reflecting the strength of our proprietary technology, as well as the skill and commitment of our team,” Eitan Boyd, CEO of Stride Gaming said.

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Niji Narayan

Niji Narayan has been in the writing industry for well over a decade or so. He prides himself as one of the few survivors left in the world who have actually mastered the impossible art of copy editing. Niji graduated in Physics and obtained his Master’s degree in Communication and Journalism. He has always interested in sports writing and travel writing. He has written for numerous websites and his in-depth analytical articles top sports magazines like Cricket Today and Sports Today. He reports gaming industry headlines from all around the globe.