EveryMatrix said it will reinvest free cash into future growth opportunities after reporting a 41 percent gain in 2Q22 revenue.

The gaming software solutions company posted revenue of EUR30.1 million. Gross profit rose 17 percent year-on-year to EUR14.9 million, while EBITDA was flat at EUR5.2 million.?

The company said its financial performance was ahead of its expectations with growth across all business segments. The weak point was Germany where regulatory changes hit profit in the casino segment. Despite this, revenue in the segment rose 11 percent thanks to product and geographic diversification.?

Ebbe Groes, group CEO said: “Driven by our diverse product offering and strong client base, we saw yet another record number of new client wins in the quarter with 43 deals signed across all products. Furthermore, a 17 percent increase in gross profit, the best reflection of the underlying performance of the group, allows us to continue to invest in our future growth.”

M&A and expansion

The key focus for the group will continue to be U.S. expansion.

During the quarter, EveryMatrix also finalised the purchase of retail sports betting supplier Leapbit, adding 20 new staff.

The Malta-based company said the acquisition, its largest to date, will strengthen the group’s sports betting product OddsMatrix with an advanced and proven retail offering.?

Following the end of the quarter, EveryMatrix said it signed a large client in the form of German-based operator bet-at-home, which will replace its proprietary platform with EveryMatrix’s tech stack.?

The company had net cash at the end of the quarter of EUR15.2 million, up from EUR11.1 million at the end of the first quarter.?

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