Together Gaming Solutions plc - Updated Financial Analysis Summary
On 11 September 2020, Together Gaming Solutions plc published an updated Financial Analysis Summary (“FAS”) providing an overview of the company’s financial results in 2019, a comparison of the 2019 actual results with the forecasts published in the previous FAS dated 21 June 2019, as well as the forecasts for the current financial year ending 31 December 2020.
The following are the main highlights of the expected financial performance and financial position of Together Gaming Solutions plc in 2020:
- Revenues are anticipated to surge by 37.2% to €9.47 million (FY2019: €6.9 million) reflecting improvements in gross gaming revenue (partly on the back of new clients) as well as growth in the provision of ‘B2B’ services.
- EBITDA is expected to increase sharply to €2.25 million compared to €0.89 million in the 2019 financial year.
- Despite the growth in business, Together Gaming Solutions is still forecasting to report a net loss of €0.61 million largely in view of significantly higher depreciation and amortisation charges.
- The company is also anticipating a slight increase in total and net borrowings to €20.4 million and €19.2 million respectively. Similarly, the gearing ratio (calculated as total debt divided by total debt plus equity) is anticipated to climb to 51.3% compared to 49.8% as at the end of 2019.
- Given the expected increase in EBITDA, the net debt to EBITDA multiple is forecasted to improve to 8.54 times compared to 21.5 times for the 2019 financial year. Likewise, the interest cover is expected to increase to 3.09 times compared to 1.44 times in 2019.
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Together Gaming Solutions plc – Financial Analysis Summary dated 11 September 2020.