Stride positive about InfiApps effect

Stride positive about InfiApps effect

Thursday, September 10, 2015 Totally Gaming
The bingo operator saw a positive second half of FY2015

Bingo operator Stride Gaming said that its purchase of InfiApps will help it record net gaming revenue of more than £25m (€34.4m/$38.5m) this year.

The owner of Kitty Bingo and Lucky Pants Bingo said that it had continued to see “strong organic growth” within the business through the second half of its financial year to August 31, and will announce its annual results by the end of November 2015. It also reiterated that adjusted earnings before interest, taxes, depreciation, and amortisation (EBITDA) for the year would not be less than £7m.

Stride was launched on the Alternative Investment Market (AIM) in May, and has seen its share price rise by 72 per cent since then, with the business receiving a major boost when it announced the $39.2m purchase of social gaming operator InfiApps - which has a large presence in the US - in July.

A spokesperson said: “The board is encouraged not only by the momentum in its existing business, but also by the encouraging initial indications from the recently acquired internationally focused mobile social gaming company, InfiApps Limited.”

InfiApps generated turnover of $13.7m in 2014 – up from $4.6m in 2013, with earnings at $3.6m and profit before tax of $3.4m.
Stride is led by chief executive Eitan Boyd, the founder of GlobalCom and Wink Bingo, and chairman Nigel Payne, former chief executive of Sportingbet.

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