Strong organic growth and M&A strategy delivers
Las Vegas-headquartered NYX Gaming Group (NYX) delivered impressive third quarter results driven by organic growth across all verticals and the firm enjoying the fruits of its M&A strategy.
Key performance highlights for the three months ending September 30, 2016 include:
– Revenue of C$54.4 million (Q3/2015: C$13.23 million), an impressive increase of 308.9 percent.
– Royalty and License revenue increased 130.9 percent to C$26.5 million (Q3/2015: C$11.5 million).
– Professional services revenue of C$24.7 million (Q3/2015: C$0.4 million).
– Gross profit amounted to C$49 million (Q3/2015: C$11.1 million), up 342.1 percent.
– Gross profit percentage was 90.3 percent (Q3/2015: 83.5 percent).
– Net income of C$41.4 million (Q3/205: loss of C$6.5 million).
– Adjusted EBITDA was C$14.5 million (Q3/2015: C$ 1.1 million).
NYX enjoyed a full quarter contribution from last year's acquisitions of Chartwell and Cryptologic and from OpenBet which InfoPowa readers will recall was acquired in May 2016.
The company's increase in gross profit was attributed to an increase in revenue from the underlying core casino business and the revenue impact from acquisitions.
"NYX continues to deliver strong organic growth across all product verticals. Through our M&A activity, we have built the foundations of a world-class digital gaming software supplier that focuses on regulated markets," chief executive officer, Matt Davey, said.
"The team has made significant progress against a number of key objectives that position us at the forefront of the industry opportunity.
"We are entering phase two of our journey now to unlock the true value of our operations and we continue to see market-leading demand for our products and services."
The future looks bright as NYX revealed it presently enjoys commitments from a further 23 customers which are yet to be launched.
Online Casino News Courtesy of Infopowa
