The Czech capital, Prague, achieved unprecedented income in the second three-month period – Finance – iGB
Gaming software provider Bragg declared a 34.2% surge in income for the second three-month period, reaching €20.8 million (£17.5 million/$20.2 million), establishing a new quarterly peak.
Home > Finance > Bragg’s second-quarter income reaches a record high
Bragg’s second-quarter income reaches a record high
In addition to income, the company also reported new quarterly records for gross profit, gross margin, and adjusted earnings before interest, taxes, depreciation and amortization (EBITDA).
Bragg CEO Yaniv Sherman stated that the growth was attributed to the company’s expansion in this three-month period.
Sherman stated: “The momentum in our operations highlights our ongoing success in serving a growing customer base across an expanding global regulated online gaming market.”
He also stated that Bragg gained significant coverage in this three-month period thanks to its $30 million acquisition of Spin Games in June.
He continued: “Following the completion of the acquisition of Spin Games in June, Bragg has product development capabilities, industry expertise, and a licensed footprint across Europe and North America to further enable the continued progress of our content and market expansion growth plans.”
The cost of sales was €9.1 million, up 8.2% from the second three-month period of 2021. This resulted in a record gross profit of €11.6 million for the three-month period, up 65.5% year-on-year.
Selling, general and administrative expenses were €11.3 million.
Taking into account the delayed payment income associated with the Spin agreement, overall operational income amounted to €752,000, in contrast to a deficit of €1.7 million during the equivalent period in the previous year.
Following the subtraction of interest costs and income tax, the business recorded a loss of €630,000.
Modified earnings before interest, taxes, depreciation, and amortization (EBITDA) for the three-month period was €3.1 million, representing a 62.9% year-over-year rise. Cash flow generated from operational activities for the quarter reached €3.7 million.
Net profit following interest and taxes was €90,000, a substantial improvement from a loss of €2.3 million in the preceding quarter.
Income for the initial six months of the year attained €40.2 million, a 35.2% increase in comparison to the first half of 2021. Gross profit amounted to €21.6 million, reflecting a 51.3% rise.
Operational income for the initial six months totaled €524,000.
Modified EBITDA for the initial half of the year was €6.1 million.
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