GiG Reports Record Revenue Surge of Fourth Quarter of 2023
LISTEN TO THIS ARTICLE:Gaming Innovation Group (GiG), the iGaming technology provider, has announced impressive trading figures in Q4 2023 with revenues of €35.6 million, which is a rise of 37% in a year-on-year comparison.
Other indicators in the fourth quarter statement from last year showed the Adjusted EBITDA was €12.6m up from €10.8m in Q4 2022, which is an increase of 17%. This translated to an adjusted EBITDA margin of 35.3% and the EBIT increased 15% to €4.6m for the last period. Results from Q4 last year were part of a continuing trend that has seen the provider enjoy twelve consecutive quarters of sustained growth.
Related: GiG Secures Bonds for Redeeming Debt and Expanding Portfolio
I am delighted to share with you the continued strong performance of our company during the fourth quarter of 2023. The positive momentum continued, with revenues soaring to €35.6 million, representing a solid 37% year-over-year increase and marking the twelfth consecutive quarter of record-breaking revenue, showcasing the resilience and strength of our business. Both GiG Media and Platform & Sportsbook are well-positioned to provide shareholder value from 2024 as standalone businesses.
Breakdown of Quarter Results
In a breakdown of the company’s results, GiG highlighted that GiG Media was the best performer in the group. It achieved a record high of €26.5m, an increase of 49%, up from €17.8m when compared to the same period for the previous year. Additionally, results for Platform & Sportsbook saw earnings up 11% for the quarter, with revenues of €8.2m in 2022, climbing to €9.1m last year.
GiG points to the new leadership of Andrew Cochrane as CBO, James Coxon as COO, and Matt Saxton as CTO as the driving force behind the Platform & Sportsbook results. The highlights from this division of the business included four new signed agreements and two new contract renewals of the Platform service.
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