Gaming Realms (AIM:GMR), the AIM-listed developer and licensor of mobile-focused gaming content including the Slingo brand, reported total revenue of £15.5m for the six months to 30 June, down from £16m a year earlier.
The headline decline masks stronger underlying momentum: content licensing revenue, the Group's core business, rose 12% to £13m, while total revenue excluding non-core brand licensing grew 9%. The drop stemmed from a £2.4m brand licensing renewal recognised in full in the prior-year period, which fell to just £0.7m this time.
Adjusted EBITDA excluding brand licensing climbed 16% to £5.9m, lifting margin to 40% from 37%, while profit before tax on the same basis jumped 47% to £2.7m. Net cash stood at £13.5m at period end, down from £17.8m in December, after £6m returned to shareholders via the buyback programme.
UK revenues rose 3% despite Remote Gaming Duty nearly doubling to 40% from 1 April, with gross gaming revenue now above pre-2025 staking-limit levels. The Group launched in four new regulated markets during the period, added 22 operator partners including Fanduel and Entain, and released 11 new games, including the first titles from its new Lucky Lunar slot studio.
"Core content licensing grew 12% driven by new market launches, 22 new operator partners and an expanding portfolio of Slingo and Lucky Lunar titles," said chief executive Mark Segal.
Core content licensing revenue rose 23% in the two months since the period ended, compared with the same period in 2025, with post-period launches in Alberta, Canada and Buenos Aires Province, Argentina taking regulated markets to 34. The Board said trading was in line with expectations and remains confident of delivering full-year results in line with market expectations.
News Intelligence what this means for the company
Gaming Realms reported core content licensing revenue up 12% to £13m in H1, with adjusted EBITDA margin expanding to 40% from 37%, driven by new market launches, 22 operator partner additions (including FanDuel and Entain), and an expanding game portfolio. Post-period momentum accelerated further, with core licensing revenue up 23% in the two months since June, and the company now operating in 34 regulated markets after launches in Alberta and Buenos Aires—all while UK revenues rose despite Remote Gaming Duty nearly doubling to 40%, signalling resilience in the core market.
The 12% core licensing growth and 16% EBITDA expansion, coupled with post-period acceleration to 23%, suggest the business is re-accelerating after a period of regulatory headwinds. The £13.5m net cash position (down £4.3m from December after £6.0m returned to shareholders) remains adequate for growth investment, though the cash burn rate warrants monitoring if expansion spending intensifies.
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