Gaming Realms PLC (AIM:GMR, OTCQX:PSDMF) said it is on track for another strong year, with early 2025 trading in line with expectations and new launches already underway in Brazil and other key markets.
It said it expects continued growth as it expands into regulated markets, including South Africa and British Columbia in Canada later this year.
In its full-year results statement, the mobile gaming content developer reported a 22% increase in revenue to £28.5 million for 2024.
Profit before tax rose 61% to £8.3 million, while adjusted earnings before interest, tax, depreciation and amortisation climbed 30% to £13.1 million.
Licensing revenue, which makes up the bulk of the business, rose 23% to £24.5 million, as the group added 44 new distribution partners globally. North America accounted for 54% of licensing income last year, driven by 59% revenue growth in the region.
The company’s games are now live in five US states, following launches in West Virginia and new partnerships with operators such as Fanduel, Fanatics and PENN Entertainment. In January, Gaming Realms also entered the newly regulated Brazilian market, going live with four partners.
Gaming Realms released 12 new Slingo titles during the year, including branded games like Slingo Press Your Luck and Slingo Fowl Play. It also launched content from a second third-party studio, ReelPlay, and doubled the number of third-party games on its platform.
Chief executive Mark Segal said the group’s growth is underpinned by “strong partner demand and a steady pipeline of new game releases”. He added that the business remains “highly scalable” and continues to benefit from strong margins.
Gaming Realms finished the year debt-free, with a cash balance of £13.5 million, up from £7.5 million in 2023. It also announced an initial £6 million share buyback programme, signalling confidence in its strategy and financial position.
Fon the first two months of 2025, revenue from its core content licensing division was up 22% compared with the same period last year.
Three new Slingo games have already been released this year, and nine new operator partnerships have been signed, including with Superbet and BetMGM.
“The board is confident in the group's strategy and expectations for the rest of the current year,” the company said.