Subsidiary ORYX Gaming posts 239 per cent
revenue increase over 2017
TORONTO, May 2, 2019 /CNW/ - Bragg Gaming Group (TSXV:
BRAG) (Bragg) has released its results for the nine months ended
December 31, 2018. While overall
revenues grew 9.7 per cent period on period*, the
acquisition of ORYX Gaming in late December
2018 contributed 13.6 per cent of overall Group revenue
despite the business combination with Bragg only completing in the
last ten days of the year.
"Late 2018 began a period of transformation for the company,"
said Dominic Mansour, CEO of Bragg.
"Our priority was a complete pivot in strategy away from the old
Breaking Data, including exiting the unprofitable AI and ad agency
divisions. We appointed a new executive team and high-profile
board members, including Jim Ryan
and Paul Pathak. We also completed
the acquisition of ORYX Gaming, a profitable, high performing
gaming software business. We're now continuing the momentum at
ORYX, growing existing customer relationships and adding new tier
one customers, such as Mr Green, Betsson and Casumo, allowing us to
build and expand quickly into global gaming markets."
Bragg's overall revenue increased by 10 per cent during the
period to CDN $8.8M; however the
recently acquired subsidiary ORYX Gaming showed substantial growth
on its own account, posting CDN $29.2M in revenue in 2018†, a 239 per
cent increase over the previous year.
Mansour also commented on the progress at subsidiary GIVEMESPORT
(GMS). "GMS is undergoing a complete restructure. We have
substantially reduced the cost base, realizing annual savings of
over CDN $1.6M," said Mansour. "It's
early days, but we're performing well ahead of our
expectations. We've enhanced the quality of content and the
changes have already resulted in significant increases in our key
metrics, including a 23 per cent increase in Facebook uniques year
to date, jumping to 33.6 million in April. Video engagement has
also shot up 124 per cent."
Bragg also expects to report Q1 2019 results by the end of May.
"We've had a positive start to 2019," noted Mansour. "With our new
leadership team in place and our transformation strategies now
underway, we're already seeing results. We anticipate that for Q1
2019, the consolidated Bragg revenues will be in the range of CDN
$8.8M - $10.4M, as compared to CDN $2.7M in Q1 2018‡, surpassing
our initial expectations. This faster than anticipated growth
confirms that we're on the right path to realizing our vision of
building a next generation gaming group."
About Bragg Gaming
Bragg Gaming Group (TSXV:BRAG) is a next generation gaming
group with cutting-edge technology, leading brands and world-class
management expertise, developing into a global gaming force. Formed
by a team of gaming industry experts, Bragg's portfolio includes
ORYX Gaming, an innovative B2B gaming technology platform and
casino content aggregator; GIVEMESPORT, a top sports media outlet
and with over 26M fans, the number
one Facebook Sport Publisher; and GIVEMEBET, a new and growing
UK-focused sportsbook. Through these brands, Bragg is focused
on becoming a leader within the evolving global gaming industry.
Learn more at https://www.bragg.games.
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* The
comparative period in the Financial Statements is 12 months ended
March 2018, however due to the change in fiscal year, a simple
pro-ration of 9/12 of the prior period results was used where
applicable.
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† ORYX Gaming revenue for FY2018 is
unaudited. Note that ORYX's full year results cover the period
January – December.
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‡ The Q1
2018 (January – March 2018) revenue has been calculated by taking
the revenue (audited) for the twelve months ended March 31, 2018
($8,363,234) and subtracting the revenue (unaudited) for the nine
months ended December 31, 2017 ($5,662,312).
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SOURCE Bragg Gaming Group