First Quarter, January – March 2020
- Revenue for the period amounted to SEK 57.8 (162.1) million.
- Operating profit was SEK -0.4 (-43.3) million.
- Profit after tax for the period was SEK -0.4 (-41.5) million, or SEK 0.00 (-1.02) per share.
- Cash flow from operations for the period amounted to SEK -14.1 (-41.1) mkr.
Other significant events during the quarter
- The Administrative Court of Appeal gave a review permit for the appealed licence revocation.
- The Swedish Gaming Authority rejected the request to add ninjacasino.se on Viral Interactive Limited’s licence.
- Viral Interactive Limited terminates all B2B agreement on regulated markets. The marketing agreement with Global Gaming concerning Nano Casino in Sweden was also terminated.
Events after the end of the period
- The Board of Director has decided to propose to the Annual General Meeting, a dividend amounting to SEK 0,40 per share.
”We are prepared for growth and for returning to black numbers”
Global Gaming shows strength and delivers a first quarter in line with our expectations. Even though we have got help from a strong euro we are already now close to reaching our first goal for the year; to be break even during the first six months. We are serious with our goals of being back on profitability this year. Our decision to give our owners dividend corresponding to more than seven percent yearly yield aims at underlining just that; we are prepared for growth and for returning to black numbers.
Our intention to increase our presence at new markets and with new brands remains. We have during the quarter soft launched our new brand Boost Casino on our existing markets and will now increase the speed. When the year comes to its end Ninja Casino and Boost Casino shall be operational on at least three new geographical markets.
We are now also spending a lot of efforts on optimizing our business in order to meet the challenges we and our entire industry will face after COVID-19 and its aftermath. The biggest short-term commercial impact for us is that we will be forced to postpone our launch of sports betting until later in the autumn instead of now in the summer. In the little longer perspective continuity in our business model, ensuring compliance, technical delivery and the costs relatively share in relation to the revenues are more important to be successful.
We therefore now intensify and strengthen our efforts with all these parts by in the days implementing changes in our organization. We will with immediate effect change CEO in our Maltese subsidiary and at the same time also carry out other changes aiming at lowering and implementing stricter control of our fixed costs as well as ensuring long-term effective delivery from our own organization and our external partners. Although these actions will bring some restructuring costs in the coming quarter, we are convinced that we during the year will see more positive effects from them.
As a part of the ongoing Swedish debate about online gaming and the so-called channelization have it during the last week occurred speculations about if Swedish players can play games at Ninja Casino even though our license are subject of legal proceedings. I want to make it crystal clear that so is not the case. We do not accept Swedish customers and have not done so since the SGA announced its decision almost a year ago. The revocation of our license is tried in court and we will have a verdict in due time. We will not be active in Sweden before the courts have given us our license back.
Global Gaming continues to show that it is serious in rising and getting back from last year’s negative development. We are continuously strengthening our conditions and it is my absolute conviction that we now are prepared for growth and that we have a very interesting period ahead of us when the market eventually normalizes.
Thank you for the confidence,
For further information, please contact
Tobias Fagerlund, CEO
+46 (0)704 15 05 85,
Niklas Jönsson, CFO
+46 (0)8 551 154 31,
The information in this press release is such that Global Gaming 555 is required to disclose under the EU Directive of Market Abuse Regulation. The information was submitted for publication through the agency of the contact persons set out above on May 5, 2020 at 08:00 CET.
About Global Gaming
Global Gaming is a challenger in the iGaming industry, delivering innovative and safe gaming services and operating a number of successful casino brands. Its flagship, Ninja Casino, builds on the PayNPLay technology, allowing players to enjoy a safe and seamless online casino experience by simplifying and shortening the registration process. The company is listed on Nasdaq First North Growth Market in Stockholm. The company’s Certified Adviser is Redeye AB, with contact information, +46 (0) 8 121 576 90, email@example.com.