Publishing NYX Gaming Group’s full-year 2016 fiscal results, CEO Matt Davey has stated that his firm is prepared to lead industry omni-channel solutions and technology having significantly grown its operations through strategic M&A during a transformative year for the Toronto TSX-listed business.
Presenting FY 2016 results, an enlarged NYX group would report corporate revenues of CAD $164 million (£93 million), boosted by its acquisition of leading industry sports betting platform supplier OpenBet.
Closing its 2016 performance, the Toronto TSX-listed firm would declare gross-profits of CAD $144 million combined with an adjusted EBITDA of CAD $43 million (£24 million).
However, a costly 2016, which saw the company commit £170 million towards the joint acquisition of OpenBet (deal completed May 2016), and further acquire UK-based industry systems provider Betdigital for £24 million (deal completed July 2016) would see NYX governance report corporate 2016 losses of CAD 57 million (£32.5 million).
Updating investors Davey stated that 2016 had been a ‘transformational year for NYX’ in which the company has executed and integrated new corporate assets, boosting the firm’s services portfolio.
Moving forward Davey points to OpenBet Platform systems being supported by Chartwell and Cryptologic online casino and games content, as well as gaining new dynamics from Betdigital provisions.
Davey tells NYX investors, that through an effective M&A strategy the company possess the right properties and dynamics to dominate regulated market provisions.
“This was a transformational year for NYX. With the integration of OpenBet now substantially complete, we are ideally positioned as a leading provider of sportsbook, gaming technology, and NextGen content to the regulated gaming market,”
For 2017, Davey and the firm’s executive management team will now push to execute a new operating model for an enlarged NYX group focusing on cost structure and operating leverage over industry competitors.