NeoGames has published its financial results for Q2 of FY2021, reporting 47% total revenue growth year-on-year for the period ending June 30.
Organic revenues for the period were actually down 0.6% from $13m to $12.9m, although the company’s share of NPI revenues was $8.5m during Q2, compared to $1.6m in the same period last year, representing an increase of 434%.
Adjusted EBITDA was $8.3m during the period, compared to an adjusted EBITDA of $7.8m in the previous period last year, representing an increase of 6.6% year-on-year.
Moti Malul, NeoGames CEO, commented: “Our substantial growth and strong performance over the past year gives us confidence that we are well positioned to maintain our position as the premier innovator and provider of ilottery solutions to the global lottery industry.
“We are confident that we will continue to be the first choice for both full-service offerings and content relationships as additional jurisdictions see the value ilottery can offer.”
Less positively, profits for the period were down significantly from Q2 of 2020, shrinking from $3.87m to $1.75m from Q2. This was largely due to increasing administrative expenses and amortisation costs, arising in part from new games market launches across the quarter.
NeoGames opened in Alberta for the first time during this quarter, claiming that performance has “exceeded expectations”. Additionally, it has signed a contract with Lottomatica in Italy to provide its eInstant games portfolio.
Malul added: “We are increasingly encouraged by the performance and development of the various markets and customers we support, notwithstanding expected seasonal impacts during the quarter.
“In particular, this quarter has seen continued strong growth in Alberta, where new gaming verticals were added, as well as further expansion of our games content into new markets and customers with contracts in Ukraine and Italy, which prove the market leading position of our offering.”
