Together Gaming Solutions plc - Updated Financial Analysis Summary

On 26 June 2023, Together Gaming Solutions plc published an updated Financial Analysis Summary. The following are the main highlights of the company’s expected financial performance and position in 2023:

  • Revenues are anticipated to rebound by 37.5% to €2.82 million (2022: €2.05 million) reflecting the income from White Label iGaming services and income from the Bethard Brand which the Group decided to re-purchase in Q1 2023.
  • In view of the higher cost of sales and administrative expenses, Together Gaming is anticipating a negative EBITDA of €0.7 million compared to an EBITDA of €0.23 million in the previous year.
  • Net finance costs are expected to drop to €0.73 million (2022: €0.95 million)
  • In terms of financial position, total assets (-14.7%)  and total liabilities (-1.8%) are expected to drop to €24.6 million and €17 million  respectively.
  • While total debt is forecasted to remain practically unchanged at €14.9 million, the gearing ratio (calculated as total debt divided by total debt plus equity) is anticipated to rise to 66.1% (2022: 56.3%) amid the deterioration in equity base to €7.64 million (2022: €11.6 million).