DGAP-News: Media and Games Invest plc
/ Key word(s): Annual Results/Preliminary Results
Media and Games Invest: Subsidiary gamigo AG shows strong revenue growth of 30% in 2019 while operating cash flow increases by 56% to EUR 16 million
February 28, 2020 - Media and Games Invest plc ("MGI", ISIN: MT000058010101; Symbol: M8G; Basic Board, Frankfurt Stock Exchange) announces that its subsidiary gamigo AG, one of the leading publishers of online games in North America and Europe, has published its preliminary unaudited consolidated financial statements and has continued to grow profitably in the 2019 financial year.
In the 2019 financial year, gamigo AG further improved all key business figures:
Overall, the 2019 financial year went very well for gamigo AG, the most important investment of MGI. By focusing more strongly on its own games portfolio and launching new games, the share of organic revenue growth within total revenue growth of 30% was increased from 5% in 2018 to 10% in 2019. Gamigo had on average more than 600,000 daily active users and 5 million monthly active users in its gaming portfolio in the 2019 financial year.
2019 was also a good year for gamigo in terms of financing. In the first half of 2019, further tranches of the senior secured corporate bond in the amount of EUR 18 million were placed at a price above par. Following the bond issues, the outstanding volume amounts to EUR 50 million, thus exhausting the entire framework of the bond. By placing further bonds, gamigo has raised additional capital from international investors. In contrast to bank loans, this gives gamigo greater flexibility with regard to M&A, which often requires quick decisions. This flexibility gives us an advantage over our competitors in the M&A processes. The price of the bond on the Frankfurt Stock Exchange is currently 103.88% and reflects the Group's high credit rating.
The outlook of gamigo AG for 2020 sees further growth:
The outlook for further expansion remains positive. gamigo expects the average revenue growth (CAGR) of approx. 30% since 2014 to continue in the coming years as well as a further increase in EBITDA.
Remco Westerman, Chairman of the Board: "2019 was another outstanding year for gamigo. The MGI Group continued its profitable growth in gaming through a combination of M&A and organic growth. With the acquisition of WildTangent in 2019, we were able to build on our track record of over 30 acquisitions over the last 6 years. And by continuing to focus on our games portfolio and launching new games, we have been able to increase the share of organic growth from 5% in 2018 to 10% in 2019."
Results and operational highlights of gamigo AG in Q4 2019:
Selected key performance indicators, gamigo group:
The Interim Report Q4 2019 has been prepared in accordance with IAS 34, Interim Financial Reporting. These condensed consolidated interim financial statements have been prepared in accordance with IFRS such as adopted by the EU and the relevant references to the German Com-mercial Code and the German Corporation Act. The consolidated financial statements are for gamigo are preliminary and unaudited. Audited financial statements are expected for 30.04.2020. MGI will publish its audited financial statements for the year 2019 on 30.06.2020.
The Year End Report will also be available as a video presentation on the MGI website in the run of next week.
About Media and Games Invest plc:
28.02.2020 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.
|Company:||Media and Games Invest plc|
|St. Christopher Street 168|
|VLT 1467 Valletta|
|Phone:||+356 21 22 7553|
|Fax:||+356 21 22 7667|
|Listed:||Regulated Unofficial Market in Berlin, Frankfurt (Basic Board), Tradegate Exchange|
|EQS News ID:||985881|
|End of News||DGAP News Service|