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Bragg’s Q120 results demonstrated strong revenue growth (44% y-o-y), adjusted EBITDA margin expansion (to 8.7%) and improved free cash flow generation. Operationally, it continues to win new customers in new geographies and enhance product functionality, which should continue to improve the customer offer, drive growth and de-risk the business. Management has reiterated FY20 guidance for revenue and EBITDA growth of at least c 32% and 349%, respectively, vs FY19. The key drivers of share price p
Companies: Bragg Gaming Group Inc.
Bragg Gaming Group has reported preliminary FY19 adjusted EBITDA of €1.4m (C$2.0m), with guidance of €5.5m (C$7.9m) for FY20, which, respectively, are 33% and 125% higher than our previous estimates. The earnout payment for the Oryx business commensurately increases by C$12m to c C$44m (our estimate) and Bragg is currently renegotiating the terms of this contingent consideration. Bragg’s core business is e-gaming (not sports), which should be relatively unaffected by COVID-19. We have raised our
After years of uncertainty, all 16 German states have agreed in principle that the July 2021 Gambling Treaty will include a unified approach to allowing e-gaming (casino and poker). This follows recent news that e gaming was to be banned altogether. This new development is clearly a very positive step forward for the industry. The announcement is particularly important for Bragg, which derives c 40% of revenues from German facing operators. We will update our estimates at the FY19 results, when
CEO Dominic Mansour provides an introduction to <a href="https://www.edisongroup.com/company/bragg-gaming-group/2906/"><strong>Bragg Gaming</strong></a> – a fast-growing European online B2B casino operator. Revenue increased by 30% during Q319 and Bragg is now entering the US market through partnerships with Kambi and Seneca.
Driven by 54.6% growth from non-German customers, Bragg’s Q319 revenues grew by 29.5% to C$10.0m. The core Oryx business is cash generative, leading to positive group EBITDA and a strong international pipeline bodes well for continued double-digit revenue growth. In particular, Oryx has recently signed two significant partnership deals in the US with Kambi and Seneca, which provides considerable credibility. We are leaving our forecasts broadly unchanged, with any US upside not currently in our
Bragg has made a significant first entry into the US gaming market, with a deal to provide casino services and player account management to Seneca Gaming Corp (SGC), which operates three tribal casinos in Western New York. The agreement is in partnership with Kambi and rollout is to commence imminently for sports, with online casino to follow (pending regulation). Bragg has entered another partnership with Kambi to explore strategic options, primarily in the US. In our view, these two deals prov
Bragg Gaming’s core asset is Oryx Gaming, a fast growing online B2B gaming solution provider. We forecast C$38.4m revenues in FY19, with continued double-digit revenue growth until FY22. The underlying Oryx business is cash generative and we estimate that group EBITDA margin will expand from break-even at H119 to 7.6% next year. Investment risk is high, largely due to the need for financing, but Bragg is strategically well positioned to make accretive M&A. Key milestones will be the development
Bragg Gaming Group (Bragg) has reported its first half year, having acquired Oryx Gaming (a European online B2B platform) in December 2018. H119 continuing revenues grew 48% to C$18.0m, achieving EBITDA break-even. Bragg’s strategy is to expand its B2B presence, both organically and through complementary acquisitions. Key milestones will be the development of EBITDA, as well as the successful payment of the remaining c C$30m of deferred and contingent consideration for Oryx Gaming. In order to f
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Weekly round-up of AIM-listed healthcare news.
Venture Life Group, GENinCode, Kromek, Alliance Pharma, Polarean Imaging, Benchmark Holdings, Ondine Biomedical, Verici Dx, Faron Pharmaceuticals, Avacta Group, Abingdon Health, Open Orphan, Belluscura, Hutchmed (China), Oxford Biodynamics
Companies: ANIC RUA CREO GENI HEIQ IHC IXI IUG OPTI SBTX VAL VLG
*A corporate client of Hybridan LLP
Dish of the day
EnSilica (ENSI.L), has join AIM. EnSilica provides an end-to-end service for the design and supply of mixed signal ASICs, outsourcing certain elements such as the wafer fabrication of the manufacturing and packaging to third parties - otherwise known as a Fabless Semiconductor Model. ASICs are Integrated Circuits or semiconductor chips developed for a particular use or product rather than for general purpose usage. ASICs help
Companies: YGEN AFRN ALBA ART BLV CCS EPWN FIPP NWT KETL
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Psych Capital PLC, intends to list on the AQSE Growth Market. Psych operates the Psych Platform (a business-to-business networking platform), that is developing the Blossom Database pursuant to a third party licensing arrangement. The Company also has an investment of 426,000 common shares in Awakn, a Canadian NEO Exchange listed psychedelics research and clinical group, with operations in th
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Kromek has announced that it has received an order from a US federal entity for the D3S-ID wearable nuclear radiation detector, which provides an early warning system for potential radiation threats. The order is worth $0.65m and is to be delivered in the coming months. This is the second order for the D3S-ID from this customer, following the award of a $1.6m two-year contract in September 2021, and provides further endorsement of Kromek’s capabilities within a market over which Kromek has visib
Companies: Kromek Group Plc
Having updated in April that FY22 revenues and operating profits were expected to be in line with consensus, Eckoh today updates that operating profits grew strongly in the period and will now be ahead of consensus. Revenues are expected to be in line. We suspect this means operating profits will be slightly above £5.0m compared to our forecasts of £4.9m. This de-risks our FY23 forecasts, where we are looking for AOP of £7.7m. We are forecasting FY23 AOP of £5.9m from the existing business, up f
Companies: Eckoh plc
TPXimpact has announced that it has spun out OpenDialog alongside a £4m raise by Dowgate Capital; TPXimpact will retain a 17% holding in OpenDialog at a post-new money valuation of £12.7m.
Companies: TPXimpact Holdings PLC
Despite lingering lockdown headwinds, FYJan22 saw continued strong growth for Smartspace’s two SaaS businesses, SwipedOn (visitor, employee and desk management) and Space Connect (meeting room and desk management), driving combined ARR up 64% organic to £4.9m. SwipedOn ARR grew 57% yoy (>85% of total ARR) with Space Connect ARR up almost threefold. Encouraging trading through to end April (ARR rose to £5.5m) underpins Smartspace’s continued expectations for “further strong growth in FY23”. Key d
Companies: Smartspace Software Plc
Dish of the day
Lekoil, the oil and gas exploration and production Company with a focus on Nigeria and West Africa has joined the Access Segment of the AQSE Growth Market. The Company was previously listed on AIM (LEK.L), however, Ordinary Shares have been suspended from trading on AIM since October 2021.
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Psych Capital PLC, intends to list on the AQSE Growth Market. Psych operates the Psych Platform (a business-to-business ne
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Companies: Cerillion Plc
1Spatial continues its US expansion with the announcement of a contract win to support replacing the Transportation System Network (TSN) for the California Department of Transportation (Caltrans). The contract is worth c $1.4m over four years, including US$0.7m in software licence revenue, and was won in partnership with Rizing, a global SAP partner. The US market is a key growth engine for 1Spatial and the Caltrans win shows its strategic plan continues to bear fruit. This contract follows othe
Companies: 1Spatial Plc
Companies: FDM Group (Holdings) plc
Immotion is a leading Virtual Reality (VR) experience provider. Following on from the 24 seat Pittsburgh Zoo contract in April, the group's announcement this morning that it has signed another and even larger major zoo contract provides further confirmation of the strength of demand for its new Gorilla Trek offering. Under the agreement with Milwaukee County Zoo, Immotion will install a 40 seat VR Theatre experience, which attracts around 1.3m visitors per annum. The attraction will be located a
Companies: Immotion Group Plc
H1 revenues declined modestly to £0.8m due to the already flagged expiration of a legacy contract. Investment in direct sales and marketing led to an increased operating loss of £2.8m (PY £2.2m) as Actual Experience transitions from start-up to scale-up. Admin expenses are expected to fall in H2 as product investment is now largely complete and marketing expenditure is reduced. Management sees market conditions (hybrid working) as favourable and its new Digital Workplace Management System (DWMS)
Companies: Actual Experience plc