Gaming Realms (LON: GMR), the AIM-listed developer of the Slingo and Lucky Lunar gaming content, released interim results for the six months to 30 June via RNS earlier today. Shares traded muted and mixed shortly after the release, with reaction broadly in line with expectations already flagged to the market.
Gaming Realms shares stood at 29.6p in early trade, down from Monday’s close of 30.2p, near the bottom of a 52-week range of 29p to 50p and below both the 50-day moving average of 30.6p and the 200-day average of 33.8p.
Total group revenue fell 3% to £15.5m and profit before tax dropped 21% to £3.4m, but the board said this reflects the non-repeat of a large one-off brand-licensing deal booked in the same period last year, when brand licensing revenue was £2.4m against just £0.7m this year. Excluding brand licensing, revenue rose 9% and profit before tax climbed 47% to £2.7m.
The core content-licensing business, which supplies casino game content to operators, grew revenue 12% to £13.0m, helped by four new regulated market launches in the half — Nigeria, Ghana, Kenya and Peru — and 22 new operator partners. Two further launches since the half-year end, in Alberta and Buenos Aires Province, take the total to 34 regulated markets. UK revenue rose 3% even as Remote Gaming Duty, the tax on UK gambling operators, nearly doubled from 21% to 40% from April. Content-licensing revenue has accelerated further, up 23% in the two months since the half-year end.
Chief executive Mark Segal said: “The first half results reflect the continued execution of our strategy and the early benefits of the increased investment we made in content and platform capability in the second half of 2025. Core content licensing grew 12% driven by new market launches, 22 new operator partners and an expanding portfolio of Slingo and Lucky Lunar titles.”
The board reiterated full-year results remain in line with expectations. Net cash fell to £13.5m from £17.8m at the end of December, after £6.0m was returned via a share buyback; no interim dividend was declared.