26th Sep 2018 14:09
LONDON (Alliance News) - Stride Gaming PLC said Wednesday it has traded "well" and in line with management expectations in the second half of the year.
As a result, the online gaming operator expects net gaming revenue for the 12 months ended August 31 of not less than GBP85 million, up from GBP82 million the year before.
Stride Gaming's adjusted earnings before interest, taxes, depreciation and amortisation is estimated to be not less than GBP16 million, down from the GBP20 million recorded in financial year 2017.
The company said this "resilient" performance was achieved "against a backdrop of more challenging trading conditions".
Stride Gaming will also record a GBP4 million provision in its financial year 2018 results, as the company has received notice from the Gambling Commission of Great Britain of its intention to force a financial penalty on the company.
This notice is not final but comes after a review by the regulator regarding the manner in which Stride Gaming has historically carried on its licensed gaming activities.
Chief Executive Officer Eitan Boyd said: "I am pleased to report that the group has traded well during the second half of the year despite a number of headwinds impacting the UK online gaming market.
"Our focus remains on delivering further market share growth in the UK, driven by continued product innovation and increasing player loyalty. This is underpinned by the strength of our proprietary technology as well as our proven business analytics capabilities."
Shares in Stride Gaming were down 2.6% at 95.00 pence each Wednesday.
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