Launching a strategic review of their operations which could result in the business being sold, Stride Gaming have not yet received any offers. Stride Gaming are a London based bingo operator who own brands such as Lucky Pants Bingo, Bingo Extra and Kitty Bingo, responded to reports in the press that they are confident that they can cope with regulatory and fiscal pressures and will be able to capital on the UK growth opportunities and expansions.
They are reported to be considering a number of options as part of their strategic review, with the potential sale being one of those options, and they are open to offers. Investec has been appointed as their financial advisor and they will be assisting with the strategic review.Other options could be aggressive expansion in the UK and International markets and acquiring new businesses. More details are expected on this review before Stride Gaming publish their interim results for the 6 month period ending on 28th Feb 2019
AGM
The statement comes after Stride Gaming revealed at its annual general meeting last week it is retain a focus on controlling costs, despite performing in line with expectations in what non-executive chairman Nigel Payne said were “challenging trading conditions”. Speaking at the AGM, Payne emphasised cost control and efficiencies as ongoing core focus areas for the group moving forward. Payne also spoke about plans to migrate more customers to its higher-margin proprietary platform, which generated revenue of £60.5m (€69.1m/$78.2m) in the 12 months to the end of August, accounting for 68% of total turnover. Overall, net gaming revenue amounted to £89m, up 8.7% on the previous year, while player deposits also increased by 6.8% to £157m.