DGAP-News: Media and Games Invest plc
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Media and Games Invest plc: gamigo AG reports boost in revenue and profit
April 27, 2020 - Media and Games Invest plc ("MGI", ISIN: MT0000580101; Symbol: M8G) continues its profitable growth with its 99% subsidiary gamigo AG, as confirmed by gamigo's audited consolidated financial statements: being a leading publisher of online games in North America and Europe, the company has improved all of its key figures:
The complete annual report for the fiscal year 2019 is now available for download on gamigo's investor relations website.
The gamigo Group started well into the current financial year with the acquisition of the main assets of the media company Verve. In addition to further strengthening the user acquisition capabilities for gamigo's games portfolio, there are substantial synergies - both in terms of revenues and costs - with the other activities of MGI.
As previously reported, game revenues are developing very positively due to the stay-at-home policy. Even a recession that might follow the Corona crisis, would have a rather positive effect on revenue and profit development based on historical experience. Overall, gamigo therefore expects to continue it's structural growth in 2020.
Remco Westermann, CEO "I am very happy about gamigo's good results and the positive future prospects. We are in an interesting time, which shows how quickly people and also companies can adapt to new circumstances. I am glad to see that our productivity remains stable under the home office policy. We are currently seeing strong changes on the M&A side. Companies that are not profitable or face financing challenges will struggle in the current market. We are increasingly receiving enquiries for financing and acquisitions and expect a further increase in this respect in the coming weeks. Having substantial cash in our accounts, we believe that good opportunities will arise for us, although due diligence procedures are somewhat more difficult due to the circumstances. "
About Media and Games Invest plc:
27.04.2020 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:||1030221|
|End of News||DGAP News Service|