08 sep 25   gaming realms plc - interim results gaming realms plc | gmr | 50.7 0 0.0% | mkt cap: 149.5m    rns number : 3051y gaming realms plc 08 september 2025   8 september 2025     gaming realms plc   (the "company" or the "group")   interim results   18% revenue growth, adjusted ebitda1 up 30% driven by international licensing expansion   international footprint set to expand     gaming realms plc (aim: gmr), the developer and licensor of mobile focused gaming content, is pleased to announce its interim results for the six months to 30 june 2025 (the "period" or "h1'25").     financial highlights:     h1'25 h1'24   change   £m  £m  % revenue (content licensing) 11.7 11.2 +4% revenue (brand licensing) 2.4 0.3 +623% revenue (social) 1.9 2.1 -7% total revenue 16.0 13.6 +18% adjusted ebitda 7.5 5.8 +30% profit before tax 4.2 3.5 +19%     ·      total revenue increased 18% to £16.0m in h1'25 (h1'24: £13.6m) ·      group adjusted ebitda grew 30% to £7.5m (h1'24: £5.8m), representing a 47% adjusted ebitda margin (h1'24: 43%) ·      total licensing revenues grew 22% to £14.1m (h1'24: £11.5m): ·      content licensing revenue increased 4% to £11.7m (h1'24: £11.2m) •   uk content licensing revenue fell 13% in h1'25 (21% in q2'25) due to uk staking limit changes introduced in april 2025. however, the trend improved sharply in july (reduced to a 16% decline) and august (reduced to a 9% decline) as new slingo innovations were certified and released. •   ex-uk content licensing revenue continued to perform strongly, up 18% in h1'25 with us up 22% ·      brand licensing revenue increased 623% to £2.4m (h1'24: £0.3m), due to the completion of a significant brand deal during the period ·      profit before tax increased 19% to £4.2m (h1'24: £3.5m) ·      net cash at period end up 28% to £19.0m (dec'24: £13.5m) with continued strong cash generation ·      reported revenue negatively affected by currency movements between gbp and usd     operational highlights:   ·      launched content in the regulated markets of brazil and british columbia, canada   ·      granted supplier license in delaware, usa ·      released six new unique slingo games into the market, including slingo fishing bob and slingo honey crew, taking the distributed games portfolio to 95 titles ·      launched with 19 new partners globally: •   in north america with the british columbia lottery corporation ("bclc") and hollywood casino in west virginia •   in south america with betmgm, superbet and kto in brazil, and betplay in colombia •   in europe with gg poker, microgame and e-play 24 ·      launched a further three third-party slot games, bringing the total number of third-party games distributed to 17 (dec'24: 14)    post period-end:   ·     licensing revenue increased 2% in the two months post period-end compared to the same period in 2024. this is satisfactory given the negative impacts of currency translation and the new staking limit regulations in the uk which gave a decline of uk licensing revenue of 16% in july and 9% in august (referred to above) ·      launched content with rush street interactive in delaware, usa, the sixth u.s. state where the group distributes its content ·      launched slingo content with bet365 in brazil, golden nugget in ontario and betly in west virginia ·      released slingo cash eruption as well as three nfl franchise branded slingo games in partnership with betmgm     1 ebitda is profit before interest, tax, depreciation and amortisation expenses and is a non-gaap measure.  the group uses ebitda and adjusted ebitda to comment on its financial performance.  adjusted ebitda is ebitda excluding share option and related charges and adjusting items, which are significant, non-recurring items outside the scope of the group's ordinary activities. see note 4 for further details.   summary: gaming realms has sustained its growth through the first half of 2025, executing on its strategy of developing and licensing innovative games globally to market-leading brands and operators, as well as licensing our ip into adjacent markets. revenue for h1'25 increased by 18% on a reported basis, and 21% at constant currency, driven primarily by the group's international licensing business. adjusted ebitda rose 30% to £7.5m, with margins expanding to 47% (h1'24: 43%). content licensing from the uk (which accounted for 29% of the content licensing total in the period) was negatively affected by the staking limits imposed by uk government and the new regulations that came into effect on 9 april 2025. however, the company made innovations to our slingo games which have resulted in some recovery in the period since 1 july 2025. in the period april - june 2025, uk content licensing revenue was down 21% as new staking limits had an impact on the player experience of slingo. we developed a new tool within slingo games to accommodate the new staking limits and, as the updated games were approved by the regulator and deployed, the negative impact on our revenues moderated. in the second quarter uk licensing revenues were down 21%, but in july revenues were down 16% and in august were down 9%. it is management's belief that this trend will continue, and the uk content licensing revenues will reach previous levels by the end of this year. content licensing outside the uk (which accounted for 71% of the content licensing total in the period) continued to perform strongly with revenue up 18%. the us (54% of the total) has performed particularly strongly, up 26% (at constant exchange rates). the group strengthened its regulated market presence with launches in brazil and with the lottery in british columbia, canada.  this takes the total number of regulated markets where the group distributes content to 22. during the period, we also launched with 19 new operator partners and released six new slingo titles, including premium games slingo fishing bob and slingo honey crew, alongside three additional third-party slot games.     outlook for fy25: trading in the first half of 2025 was in line with expectations, and the board remains confident that the group will maintain this positive trajectory through the remainder of the year. looking ahead, the group is well positioned to build on its momentum and deliver further growth across both new and existing markets. our strategic focus for the remainder of the year is to continue to broaden our international footprint through entry into additional regulated markets, while deepening our presence with existing partners to capture further growth opportunities. since the period end, we have launched our slingo content in delaware - the sixth u.s. regulated igaming state in which the group's content is now live with rush street interactive.  further launches are expected in the regulated markets of the philippines, south africa, switzerland and greece in the near term. these market expansions will be underpinned by: ·      the release of premium slingo titles in the second half of 2025, including slingo gold fish and slingo slinguini; ·      creation of new slots team for diversification of content portfolio ·      the continued growth of our third-party games pipeline and distribution. commenting on the first half performance, mark segal, chief executive officer, said:   "the group has delivered a strong first half, with revenue increasing 18% and adjusted ebitda up 30%, reflecting the success of our strategy to expand internationally through licensing. our entry into newly regulated markets, including brazil, british columbia and delaware, underlines the global demand for our content and the strength of our operator partnerships. with further launches scheduled in additional regulated jurisdictions and a robust pipeline of new slingo and third-party titles, we remain well positioned to deliver continued growth and enhance shareholder value in the second half of the year and beyond."     an analyst briefing will be held virtually at 9.30am today. to attend, please contact yellow jersey at gamingrealms@yellowjerseypr.com.   enquiries   gaming realms plc  michael buckley, executive chairman mark segal, ceo geoff green, cfo 0845 123 3773     peel hunt llp - nomad and joint broker  george sellar andrew clark   investec bank plc - joint broker james hopton lydia zychowska     020 7418 8900         020 7597 4000   yellow jersey  charles goodwin annabelle wills   07747 788 221     about gaming realms   gaming realms creates and licenses innovative games for mobile, with operations in the u.k., u.s., canada and malta. through its unique ip and brands, gaming realms is bringing together media, entertainment and gaming assets in new game formats. as the creator of a variety of slingotm, bingo, slots and other games, we use our proprietary data platform to build and engage global audiences. the gaming realms management team includes accomplished entrepreneurs and experienced executives from a wide range of leading gaming and media companies.     business review   gaming realms delivered another strong performance in the first half of 2025, continuing to execute on its core strategy of expanding its content licensing business.    total group revenue increased 18% to £16.0m (h1'24: £13.6m), driven by the group's licensing business.   ebitda rose to £6.3m (h1'24: £5.5m), and to £7.5m on an adjusted basis before share option and related charges and other adjusting items (h1'24: £5.8m). the adjusted ebitda margin increased to 47% (h1'24: 43%), demonstrating the high margin nature of the group's licensing business.   the £0.9m increase in ebitda period-on-period has seen the group record a profit before tax of £4.2m (h1'24: £3.5m), an increase of £0.7m on the prior period.     licensing   licensing segment revenues increased 22% to £14.1m (h1'24: £11.5m), comprising:   ·      content licensing revenue up 4% to £11.7m (h1'24: £11.2m), or 6% at constant currency; and ·      brand licensing revenue up 623% to £2.4m (h1'24: £0.3m), or 663% at constant currency.   the segment delivered adjusted ebitda of £8.2m, a 26% increase on the £6.5m in h1'24.   content licensing the group's core focus remains the expansion of its content licensing business, driven by entry into new regulated markets, enhancement of the slingo games portfolio, and the deepening of relationships with both new and existing partners to grow in existing markets.   during the period, the group launched with 19 additional partners across north america, south america and europe. post period end, the group went live with 5 further partners, with a strong pipeline for the remainder of the year and into 2026.   six new slingo titles and three third-party slot games were released during the period, taking the distributed games portfolio to 95 titles at 30 june 2025 (dec'24: 87 games). slingo continues to stand out as a unique genre in the market, driving engagement and proving highly popular with both partners and players.   content licensing revenues grew 4% to £11.7m (h1'24: £11.2m), or 6% at constant currency. segmental expenses (excluding share option and related charges) increased 17% to £5.8m (h1'24: £5.0m), reflecting continued investment in teams to deliver an expanded and diversified product roadmap across more international markets.   after the period end, the group also launched its content in delaware - its sixth regulated u.s. state.   brand licensing brand licensing revenues increased significantly to £2.4m (h1'24: £0.3m), primarily reflecting a major brand deal completed during the period. we continue to explore brand licensing opportunities that complement our portfolio and enhance long-term value.     social   revenue in the group's social publishing business decreased 7% on a reported basis to £1.9m (h1'24: £2.1m), and 4% on a constant currency basis.   marketing expenses of £0.1m (h1'24: £0.2m) were invested in the period to drive player growth, engagement and revenues over a 12-month period.    the 44% reduction in marketing spend was the primary driver of the 4% constant currency revenue reduction. this lower spend reflects timing, with management expecting marketing investment in the second half to bring full-year spend broadly in line with 2024, supporting stronger revenue levels in h2. social remains a segment with significant potential to further monetise our slingo portfolio.   excluding marketing, segmental expenses fell 9% to £1.3m (h1'24: £1.4m), reflecting lower revenue-associated costs and disciplined cost management. we continue to invest in our development and operational teams to support the group's growth plan.   adjusted ebitda contribution from the segment increased 21% to £0.6m (h1'24: £0.5m).     cashflow and balance sheet   the group's cash balance as at 30 june 2025 was £19.0m, an increase of £5.5m from the £13.5m reported at 31 december 2024. this increase represents a conversion of adjusted ebitda to cash of 73% (h1'24: 37%), demonstrating the cash generative nature of the business.   the current period increase in cash was largely driven by the £9.1m cash inflow from operations, offset by £3.4m development costs capitalised during the period and £0.4m of share buyback activity during the period.   the group remains debt free, and the board continues to review the optimal use of the cash balance.   the group's net asset position at the period end was £38.1m (31 december 2024: £34.0m).     dividend and capital allocation   the board of directors are not proposing an interim dividend for the period as it continues to execute on its strategy and invest in the growth of the business.   during the first half of the year, the group repurchased 1,108,779 of its own shares as part of its capital allocation strategy, reflecting the board's confidence in the long-term prospects of the business and its commitment to delivering shareholder value.      consolidated statement of comprehensive income for the 6 months ended 30 june 2025       6m 6m   30 june 2025 30 june 2024   unaudited unaudited   note  £  £  revenue 2                 15,991,118                 13,581,477  other income                        103,870                         85,994  marketing expenses                      (196,935)                     (282,307)  operating expenses                   (3,069,300)                  (2,993,483)  administrative expenses                   (5,328,439)                  (4,619,437)  share option and related charges 12                  (1,005,329)                     (299,829)      ebitda before adjusting items                     6,494,985                    5,472,415  adjusting items 4                     (146,732)                                  -    ebitda 2                    6,348,253                    5,472,415  amortisation of intangible assets 7                  (2,167,739)                  (1,940,846)  depreciation of property, plant and equipment 6                     (189,748)                     (145,036)  finance expense 3                        (60,757)                        (24,749)  finance income 3                       298,749                       188,148  profit before tax                      4,228,758                    3,549,932  taxation expense 8                  (1,572,406)                     (253,324)  profit for the period                     2,656,352                    3,296,608  other comprehensive income     items that will or may be reclassified to profit or loss:       exchange loss arising on translation of foreign operations                      (143,315)                        (28,211)  total other comprehensive loss                      (143,315)                        (28,211)  total comprehensive income                     2,513,037                    3,268,397      profit attributable to:     owners of the parent                     2,656,352                    3,296,608      total comprehensive income attributable to:     owners of the parent                     2,513,037                    3,268,397      earnings per share   pence pence  basic 5 0.90 1.12  diluted 5 0.86 1.08   consolidated statement of financial position as at 30 june 2025       30 june 2025 31 december 2024   unaudited audited   note  £  £  non-current assets     intangible assets 7 15,944,586 14,768,578  property, plant and equipment 6 1,172,927 1,317,019  deferred tax asset  8  2,509,471 2,654,415   19,626,984 18,740,012  current assets     trade and other receivables 9 4,441,111 6,768,580  cash and cash equivalents  18,962,338 13,512,235   23,403,449 20,280,815  total assets  43,030,433 39,020,827  current liabilities     trade and other payables 10 3,827,108 3,855,861  lease liabilities  228,863 219,131   4,055,971 4,074,992  non-current liabilities     deferred tax liability 8 268,920 240,338  lease liabilities  632,119 749,193   901,039 989,531  total liabilities  4,957,010 5,064,523  net assets  38,073,423 33,956,304  equity     share capital 11 295,819 294,826  share premium  184,467 -  merger reserve  (68,393,657) (68,393,657)  foreign exchange reserve  1,178,991 1,322,306  treasury share reserve 13 (410,520) -  deferred tax reserve 8 1,356,515 -  retained earnings  103,861,808 100,732,829  total equity  38,073,423 33,956,304    consolidated statement of cash flows for the 6 months ended 30 june 2025       30 june 2025 30 june 2024   unaudited unaudited   note £  £  cash flows from operating activities     profit for the period  2,656,352 3,296,608  adjustments for:     depreciation of property, plant and equipment 6 189,748 145,036  amortisation of intangible fixed assets 7 2,167,739 1,940,846  finance income 3 (298,749) (188,148)  finance expense 3 60,757 24,749  income tax charge 8 1,572,406 253,324  exchange differences  (227) (2,029)  equity settled share-based payment expense 12 472,627 267,348  decrease / (increase) in trade and other receivables  2,939,583 (825,174)  (decrease) / increase in trade and other payables  (652,535) 96,654  net cash flows from operating activities before taxation  9,107,701 5,009,214  net tax paid in the period  (17,419) (548,452)  net cash flows from operating activities  9,090,282 4,460,762      investing activities     acquisition of property, plant and equipment 6 (55,670) (75,260)  acquisition of intangible assets 7 (92,963) (69,907)  capitalised development costs 7 (3,386,500) (2,432,579)  bank interest received 3 294,449 176,213  net cash used in investing activities  (3,240,684) (2,401,533)      financing activities     ifrs 16 lease payments  (141,196) (58,706)  issue of share capital on exercise of options 11 185,460 151,314  share buyback 13 (410,520) -  interest paid 3 (20,851) (20,544)  net cash (used in) / from financing activities  (387,107) 72,064  net increase in cash and cash equivalents   5,462,491 2,131,293  cash and cash equivalents at beginning of period   13,512,235 7,455,316  exchange loss on cash and cash equivalents  (12,388) (11,629)  cash and cash equivalents at end of period  18,962,338 9,574,980   consolidated statement of changes in equity for the 6 months ended 30 june 2025      share capital  share premium  merger reserve  foreign exchange reserve  treasury share reserve  deferred tax reserve  retained earnings  total equity   £  £  £  £      £  £  1 january 2024 29,366,782 87,732,888 (67,673,657) 1,444,697 - - (26,473,281) 24,397,429  profit for the period - - - - - - 3,296,608 3,296,608  other comprehensive loss - - - (28,211) - - - (28,211)  total comprehensive income for the period - - - (28,211) - - (23,176,673) 3,268,397  contributions by and distributions to owners          share-based payment on equity settled share options - - - - - - 267,348 267,348  exercise of options 115,861 35,453 - - - - - 151,314  30 june 2024 (unaudited) 29,482,643 87,768,341 (67,673,657) 1,416,486 - - (49,382,606) 28,084,488                    1 january 2025 294,826 - (68,393,657) 1,322,306 - - 100,732,829 33,956,304  profit for the period - - - - - - 2,656,352 2,656,352  other comprehensive loss - - - (143,315) - - - (143,315)  total comprehensive income for the period - - - (143,315) - - 2,656,352 2,513,037  contributions by and distributions to owners          share-based payment on equity settled share options (note 12) - - - - - - 472,627 472,627  deferred tax on unexercised share options (note 8) - - - - - 1,356,515 - 1,356,515  exercise of options (note 11) 993 184,467 - - - - - 185,460  repurchase of own shares (note 13) - - - - (410,520) - - (410,520)  30 june 2025 (unaudited) 295,819 184,467 (68,393,657) 1,178,991 (410,520) 1,356,515 103,861,808 38,073,423   notes forming part of the consolidated financial statements for the 6 months ended 30 june 2025   1. accounting policies   general information   gaming realms plc ("the company") and its subsidiaries (together "the group").   the company is admitted to trading on aim of the london stock exchange. it is incorporated and domiciled in the uk. the address of its registered office is two valentine place, london, se1 8qh.   the results for the six months ended 30 june 2025 and 30 june 2024 are unaudited.   basis of preparation   the financial information for the year ended 31 december 2024 included in these financial statements does not constitute the full statutory accounts for that year. the annual report and financial statements for 2024 have been filed with the registrar of companies. the independent auditors' report on the annual report and financial statement for 2024 was unqualified, did not draw attention to any matters by way of emphasis, and did not contain a statement under 498(2) or 498(3) of the companies act 2006.   this interim report, which has neither been audited nor reviewed by independent auditors, was approved by the board of directors on 5 september 2025. the financial information in this interim report has been prepared in accordance with uk adopted international accounting standards. the accounting policies applied by the group in this financial information are the same as those applied by the group in its financial statements for the year ended 31 december 2024 and which will form the basis of the 2025 financial statements.   the consolidated financial statements are presented in sterling.   going concern   the group meets its day-to-day working capital requirements from the cash flows generated by its trading activities and its available cash resources.    the group prepares cash flow forecasts and re-forecasts at least bi-annually as part of the business planning process.    the directors have reviewed forecast cash flows for the period to december 2027, and consider that the group will have sufficient cash resources available to meet its liabilities as they fall due.   accordingly, these financial statements have been prepared on the basis of accounting principles applicable to a going concern, which assumes that the group will realise its assets and discharge its liabilities in the normal course of business.   adjusted ebitda   the board of directors believes that in order to best represent the trading performance and results of the group, the reported numbers should exclude certain one-off items.  the group therefore presents adjusted results, which differ from statutory results due to the exclusion of these items.   management regularly uses the adjusted financial measures internally to understand, manage and evaluate the business and make operating decisions.  these adjusted measures are among the primary factors management uses in planning for and forecasting future periods.   ebitda is a non-gaap company specific measure defined as profit or loss before tax adjusted for finance income and expense, depreciation and amortisation.   adjusted ebitda is ebitda excluding share option and related charges and adjusting items, which are significant, non-recurring items outside the scope of the group's ordinary activities.   2. segment information   the executive management team is the group's chief operating decision-maker. management has determined the operating segments based on the information reviewed by the board for the purposes of allocating resources and assessing performance.       the group has two reportable segments. ·      licensing - b2b brand and content licensing for a global network of partners; and ·      social publishing - provides b2c freemium games to the us.   revenue   the group has disaggregated revenue into various categories in the following table which is intended to: ·   depict how the nature, amount, timing and uncertainty of revenue and cash flows are affected by economic date; and ·   enable users to understand the relationship with revenue segment information provided below.    licensing  social publishing  total  h1 2025 revenue  £  £  £  primary geographical markets     uk, including channel islands 309,298 - 309,298  usa 8,682,271 1,922,195 10,604,466  isle of man 729,832 - 729,832  malta 2,190,227 - 2,190,227  gibraltar 1,344,400 - 1,344,400  rest of the world 812,895 - 812,895  14,068,923 1,922,195 15,991,118      contract counterparties     direct to consumers (b2c) - 1,922,195 1,922,195  b2b 14,068,923 - 14,068,923  14,068,923 1,922,195 15,991,118      licensing  social publishing  total  h1 2024 revenue  £  £  £  primary geographical markets     uk, including channel islands 593,404 - 593,404  usa 5,628,833 2,056,687 7,685,520  isle of man 791,493 - 791,493  malta 2,200,938 - 2,200,938  gibraltar 1,531,295 - 1,531,295  rest of the world 778,827  778,827  11,524,790 2,056,687 13,581,477      contract counterparties     direct to consumers (b2c) - 2,056,687 2,056,687  b2b 11,524,790 - 11,524,790  11,524,790 2,056,687 13,581,477     ebitda    licensing  social publishing  head office  total h1 2025  £  £  £  £  revenue                   14,068,923                     1,922,195                                 -                     15,991,118  other income                                 -                          103,870                                 -                          103,870  marketing expense                        (36,005)                      (111,747)                        (49,183)                      (196,935)  operating expense                   (2,361,453)                      (707,847)                                 -                     (3,069,300)  administrative expense                   (3,433,208)                      (585,396)                   (1,309,835)                   (5,328,439)  adjusted ebitda                     8,238,257                        621,075                   (1,359,018)                     7,500,314  share option and related charges                      (262,168)                               145                      (743,306)                   (1,005,329)  adjusting items                      (146,732)                                 -                                   -                        (146,732)  ebitda                     7,829,357                        621,220                   (2,102,324)                     6,348,253      licensing  social publishing  head office  total h1 2024  £  £  £  £  revenue                   11,524,790                     2,056,687                                 -                     13,581,477  other income                                 -                            85,994                                 -                            85,994  marketing expense                        (31,794)                      (200,968)                        (49,545)                      (282,307)  operating expense                   (2,186,710)                      (806,773)                                 -                     (2,993,483)  administrative expense                   (2,776,194)                      (622,170)                   (1,221,073)                   (4,619,437)  adjusted ebitda                     6,530,092                        512,770                   (1,270,618)                     5,772,244  share option and related charges                        (69,376)                               611                      (231,064)                      (299,829)  adjusting items                                 -                                   -                                   -                                   -    ebitda                     6,460,716                        513,381                   (1,501,682)                     5,472,415     3. finance income and expense     6m 30 june 2025 6m 30 june 2024    £  £  finance income     bank interest received                     294,449                    176,213  interest income on unwind of deferred income                          4,300                      11,935  total finance income                      298,749                    188,148          finance expense     bank interest paid                       20,851                      20,544  interest expense on lease liability                       39,906                         4,205  total finance expense                        60,757                      24,749     4. adjusting items   ebitda is profit before interest, depreciation and amortisation and is a non-gaap measure. adjusted ebitda is ebitda before adjusting items, which are items that management considers to be significant, non-recurring and outside the group's ordinary activities that may distort an understanding of financial performance or impair comparability.   adjusted ebitda is stated before adjusting items are follows:              6m 30 june 2025 6m 30 june 2024       £  £         other income     (225,000)                     -    legal expenses                       371,732                     -    adjusting items       146,732                     -     the adjusted other income and legal expenses relate to a legal case that settled during the period. the other income represents costs reimbursed in relation to the matter.   5. earnings per share   basic earnings per share is calculated by dividing the result attributable to ordinary shareholders by the weighted average number of shares in issue during the period.  the calculation of diluted eps is based on the result attributable to ordinary shareholders and weighted average number of ordinary shares outstanding after adjustment for the effects of all dilutive potential ordinary shares.  the group's potentially dilutive securities consist of share options.     6m 30 june 2025 6m 30 june 2024   £  £     profit after tax attributable to the owners of the parent company 2,656,352 3,296,608      number  number  denominator - basic    weighted average number of ordinary shares 294,511,837 294,636,673     denominator - diluted    weighted average number of ordinary shares 294,511,837 294,636,673  weighted average number of option shares 14,621,095 11,963,655  weighted average number of shares 309,132,932 306,600,328      pence  pence  basic earnings per share 0.90 1.12  diluted earnings per share 0.86 1.08 6. property, plant and equipment         rou lease assets  leasehold improvements  computers and related equipment  office furniture and equipment  total   £  £  £  £  £  cost       at 1 january 2025 1,273,948 16,733 605,685 129,858 2,026,224  additions - - 40,779 14,891 55,670  exchange differences (8,744) (458) (9,481) (2,571) (21,254)  at 30 june 2025 1,265,204 16,275 636,983 142,178 2,060,640        accumulated depreciation and impairment      at 1 january 2025 170,875 6,711 457,660 73,959 709,205  depreciation charge 131,933 1,036 45,830 10,949 189,748  exchange differences (3,119) (245) (6,243) (1,633) (11,240)  at 30 june 2025 299,689 7,502 497,247 83,275 887,713        net book value       at 1 january 2025 1,103,073 10,022 148,025 55,899 1,317,019  at 30 june 2025 965,515 8,773 139,736 58,903 1,172,927     7. intangible assets            goodwill  customer database  software  development costs  licenses  domain names  intellectual property  total    £  £  £  £  £  £  £  £  cost          at 1 january 2025 6,690,804 1,485,413 1,278,316 30,492,397 476,882 8,874 5,876,983 46,309,669  additions - - - 3,386,500 88,756 - 4,207 3,479,463  disposals - - - - (278,592) - - (278,592)  exchange differences (101,756) - - (87,620) - - - (189,376)  at 30 june 2025 6,589,048 1,485,413 1,278,316 33,791,277 287,046 8,874 5,881,190 49,321,164           accumulated amortisation and impairment        at 1 january 2025 1,650,000 1,485,413 1,278,316 20,906,235 351,062 8,874 5,861,191 31,541,091  amortisation charge - - - 2,107,862 57,858 - 2,019 2,167,739  disposals - - - - (278,592) - - (278,592)  exchange differences - - - (53,660)  - - (53,660)  at 30 june 2025 1,650,000 1,485,413 1,278,316 22,960,437 130,328 8,874 5,863,210 33,376,578           net book value          at 1 january 2025 5,040,804 - - 9,586,162 125,820 - 15,792 14,768,578  at 30 june 2025 4,939,048 - - 10,830,840 156,718 - 17,980 15,944,586   8. taxation   6m 30 june 2025 6m 30 june 2024   £  £  current tax    current tax charge (33,387) (431,444)  adjustment for current tax of prior periods - 24,602  total current tax expense (33,387) (406,842)  deferred tax    movement on deferred tax asset through profit and loss (1,501,459) 155,549  overseas temporary differences (37,560) (2,031)  total deferred tax (expense)/ credit (1,539,019) 153,518 total tax expense (1,572,406) (253,324)     the reason for the difference between the actual tax charge for the period and the standard rate of corporation tax in the uk applied to profits for the year are as follows:   6m 30 june 2025 6m 30 june 2024   £  £  profit before tax for the period 4,228,758 3,549,932  expected tax at effective rate of corporation tax in the uk of 25% (2024: 25%) 1,057,190 887,483  expenses not deductible for tax purposes 138,726 78,438  income not chargeable for tax purposes (25,968) (21,499)  share scheme deductions under part 12 cta 09 (57,059) (63,173)  effects of overseas taxation 17,721 198,897  difference between ifrs 2 expense and deferred tax charge on share options 500,921 -  research and development tax credit (59,125) (49,125)  movement in deferred tax not previously recognised - (777,697)  1,572,406 253,324   deferred tax   the analysis included in the financial statements at the period end is as follows:   30 june 2025 31 december 2024  £ £  deferred tax assets    tax losses carried forward 513,018 1,513,556  unexercised share options 1,996,453 1,140,859  deferred tax assets 2,509,471 2,654,415     deferred tax liabilities    overseas temporary differences (268,920) (240,338) deferred tax liabilities (268,920) (240,338)     net deferred tax asset 2,240,551 2,414,077     the deferred tax included in the group income statement is as follows:   6m 30 june 2025 6m 30 june 2024   £  £  deferred tax assets on losses movement (1,000,538) 155,549  deferred tax asset for tax deduction on unexercised share options (500,921) -  overseas temporary differences (37,560) (2,031)  total deferred tax (expense) / credit (1,539,019) 153,518     the deferred tax asset movement is as follows:       tax losses  share options  total   £  £  £  at 31 december 2024 1,513,556 1,140,859 2,654,415  movement on asset relating to tax losses (1,000,538) - (1,000,538)  deferred tax asset for deduction on unexercised share options through profit and loss - (500,921) (500,921)  deferred tax asset for deduction on unexercised share options through equity - 1,356,515 1,356,515  at 30 june 2025 513,018 1,996,453 2,509,471     the deferred tax liability movement is as follows:        overseas temporary differences  total     £  £  at 31 december 2024  240,338 240,338  overseas timing difference on intangible assets  37,560 37,560  exchange differences  (8,978) (8,978)  at 30 june 2025   268,920 268,920      9. trade and other receivables     30 june 2025 31 december 2024    £  £  trade receivables 2,302,891 3,393,311  other receivables 315,764 199,627  tax and social security 1,034,879 998,276  prepayments and accrued income 787,577 2,177,366  4,441,111 6,768,580   all amounts shown fall due for payment within one year.     10. trade and other payables     30 june 2025 31 december 2024    £  £  trade payables 599,618 907,876  other payables 220,247 197,764  tax and social security 380,777 336,313  accruals 2,626,466 2,413,908  3,827,108 3,855,861   the carrying value of trade and other payables classified as financial liabilities measured at amortised cost approximates fair value.     11. share capital   30 june 2025 30 june 2025 30 june 2024 30 june 2024  ordinary shares  number  £  number  £  ordinary shares of 295,819,814 295,819 294,826,444 29,482,643  0.1 pence each (2024: 10 pence each)   the company's issued share capital on 30 june 2025 was 295,819,814 ordinary shares, of which 1,108,779 shares are held in treasury (see note 13).  therefore the number of ordinary shares with voting rights in the company was 294,711,035.   the issue of 993,370 ordinary shares relates to the exercise of share options during the period.  the increase in share capital of £993 and share premium of £184,467 totalling £185,460 is disclosed in the consolidated statement of changes in equity and consolidated statement of cash flows.    12. share based payments the share option and related charges income statement expense comprises:   6m 30 june 2025 6m 30 june 2024   £  £  ifrs 2 share-based payment charge 487,848 267,348  direct taxes related to share options 517,481 32,481  1,005,329 299,829   ifrs 2 (share-based payments) requires that the fair value of equity settled transactions are calculated and systematically charged to the statement of comprehensive income over the vesting period.  the total expense that was charged to the income statement in the period in relation to share-based payments was £487,848, being £472,627 equity settled and £15,221 cash settled (h1'24: £267,348 equity settled and £nil cash settled).   where individual emi thresholds are exceeded, or when unapproved share options are exercised by employees, the group is subject to employer taxes payable on the taxable gain on exercise.  since these taxes are directly related to outstanding share options, the income statement charge has been included within share option and related charges.  the group uses its closing share price at the reporting date to calculate such taxes to accrue.  the tax related income statement charge for the period was £517,481 (h1'24: £32,481). the large increase in the period to the direct taxes related to share options is primarily due to the increase in the share price.   during the period 2,554,000 share options were granted to certain directors and employees. the share options vest providing an associated service condition is satisfied. the may 2025 option grant vests in equal annual tranches, meaning one third of the granted options vest on 6 may 2026, the second third on 6 may 2027 and the final third on 6 may 2028. the february 2025 option grant vests entirely at the end of the vesting period.    grant date  7 may 2025  no. of options 2,454,000  vesting date  6 may 2026-6 may 2028  model used  black scholes  share price at date of grant (pence) 44.00  expected option life  3 years  dividend yield  n/a  fair value per option at grant date (pence) 44.00  exercise price (pence) -  exercisable to  6 may 2035      grant date  10 feb 2025  no. of options 100,000  vesting date  21 november 2027  model used  black scholes  share price at date of grant (pence) 39.70  expected option life  3 years  dividend yield  n/a  fair value per option at grant date (pence) 39.70  exercise price (pence) -  exercisable to  9 feb 2035     in addition during the period 110,000 share options were granted to overseas contractors. these options vest on 6 may 2028 providing an associated service condition is satisfied. the options will be settled via a cash payment based on the prevailing share price at the time of exercise and there is no potential for the liability to be settled via equity. the options have therefore been accounted for as a cash settled option. the key terms of the options are:    grant date  7 may 2025  no. of options 110,000  vesting date  6 may 2028  expected option life  3 years  exercise price (pence) -  exercisable to  6 may 2031   the liability relating to cash settled share options at 30 june 2025 was £21,731 (30 june 2024: £nil).     13. share buyback   during the period the group repurchased 1,108,779 ordinary shares with a nominal value of 0.1 pence at a weighted average price of 37.02 pence per share. the total cost was £410,520 inclusive of associated trading fees and the shares are currently held at cost in the treasury share reserve within equity.     14. related party transactions   jim ryan is a non-executive director of the company and the ceo of boyd interactive u.s. llc (previously pala interactive llc), which has a real-money online casino site in new jersey, pennsylvania and ontario. during the period, total license fees earned by the group were $57,346 (h1'24: $43,785) with $7,690 due at 30 june 2025 (30 june 2024: $10,569).  during the period the group distributed its content to certain north american partners via boyd's b2b platform distribution network, with platform fees of $10,936 being incurred (h1'24: $9,972) of which $2,604 was owed at 30 june 2025 (30 june 2024: $5,645).   boyd interactive u.s. llc acquired resorts digital gaming llc on 1 september 2024. during the period ended 30 june 2025 the group earned $40,548 of license fees from resorts digital gaming llc, with $19,334 due at 30 june 2025.   during the period £80,000 (h1'24: £75,000) of consulting fees were due to dawnglen finance limited, a company controlled by michael buckley. the amount owed at 30 june 2025 was £5,000 (30 june 2024: £nil).         this information is provided by rns, the news service of the london stock exchange. rns is approved by the financial conduct authority to act as a primary information provider in the united kingdom. terms and conditions relating to the use and distribution of this information may apply. for further information, please contact rns@lseg.com or visit www.rns.com.  rns may use your ip address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. for further information about how rns and the london stock exchange use the personal data you provide us, please see our privacy policy.   end   ir pkobkqbkdkck return to news summary

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