Internet betting software developer NYX Gaming Group has released their first half 2016 financial results, noting that revenues soared by 165.9% during the period.
Key financial indicators for the period were:
- Revenues up 165.9% to C$54.9 million
- Gross profits up 163.2% to C$47 million
- Gross margin at 85.7%
- EBITDA of C$15.3 million, up 224.6% from last year
Second quarter 2016 financials were:
- Revenues of C$35.2 million, up 230% from last year
- Organic revenue up C$13.7 million, up 28%
- Royalty and licensing revenues of C$20.8 million
- Gross profit C$30.8 million, up 238.3% from last year
- Gross margin at 87.3%
- EBITDA up 313.2% to C$10.5 million
Commenting on his company's performance NYX CEO Matt Davey said, "With the closing of the OpenBet acquisition, we move our focus from acquisitions to integration of our business operations and delivery of operational leverage. We look forward to continuing to strengthen our business model and create reoccurring, sustainable revenue over the long-term across all products for the benefit of our customers and shareholders."