Digital games and technology provider NYX Gaming Group Limited has released its financial results for 2016 showing a 213% increase year-on-year in overall revenues to $120.51 million alongside an almost 222% rise in its annual gross profit to $106.15 million.
Las Vegas-based NYX Gaming Group Limited provides its innovations to some of the world’s foremost gaming operators, lotteries and casinos and reported annual adjusted earnings before interest, tax, depreciation and amortization of $31.45 million, which was over 305% higher when compared with 2015, although its net loss for the twelve-month period swelled by approximately 590% year-on-year to $42.64 million.
April saw Toronto-listed NYX Gaming Group Limited agree a $346 million deal to purchase rival software firm OpenBet and it reported that this acquisition contributed annual revenues of around $57.71 million thanks to some 50 new clients launching its satellite’s Open Gaming System innovation including 14 during the fourth quarter.
NYX Gaming Group Limited explained that its annual results were further strengthened thanks to its 2015 acquisition of software firms Chartwell Technology Incorporated and CryptoLogic Limited from Canadian counterpart Amaya Incorporated with these businesses contributing 2016 revenues of $6.47 million.
“This was a transformational year for NYX [Gaming Group Limited],” read a statement from Matt Davey, Chief Executive Officer for NYX Gaming Group Limited. “With the integration of OpenBet now substantially complete, we are ideally positioned as a leading provider of sportsbook, gaming technology and NextGen content to the regulated gaming market.”
Looking ahead, NYX Gaming Group Limited predicted that overall revenues for the first quarter of 2017 are expected to be between $41.95 million and $44.91 million, which would represent an improvement of over 200% year-on-year, while it forecast a similar swell in adjusted earnings before interest, tax, depreciation and amortization for the three-month period to as high as $12.51 million.
“Since the beginning of 2017, our new operating model has been delivering an improved cost structure that, combined with our growth strategy, will result in increased operating leverage,” read the statement from Davey.