NYX Gaming Group is a well-known gaming provider in the online gaming world. Over the course of the year, the company has seen impressive growth and has posted a year-on-year increase over 2014. In 2013, NYX Gaming Group saw revenue worth $18.7 million. Over the course of the following year, the company saw an impressive increase of 46% bringing its revenue up to $27.3 million.
Gross profits increase by 49% from $16.2 million $24.1 million. NYX cites a strategy of ongoing acquisition and integration to boost its business in the last year. This has helped the company expand further in the online gambling market, reaching a new audience of online casino players and gaming site operators. Still, NYX saw a net loss this year worth $7 million, a significant increase of 2013’s net loss worth $1.9 million.
The company maintains that this is due to costs attributed to acquisitions, restructuring and public listing in 2014. “Our expertise in the gaming industry combined with our proven acquisition and integration strategy positions us well for future growth,” says Matt Davey, NYX chief executive officer. “We are pleased with our success to date and remain committed to driving shareholder value."
Chief Financial Officer Arthur Hamilton adds that the company’s revenue increase is a positive sign of NYX’s strength in the online gaming market, and the company’s ability to continue growing over time.
He says: “We continue to benefit from recurring revenue received from royalties and licensing fees which represents over 80% of our total revenue. Our cash flow generation remains solid, and we look forward to continuing building on our strong balance sheet and maintaining financial flexibility.”
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