Revenue and EBITDA Growth
Total revenue grew 10% year-over-year to GBP 31.4m in FY2025; adjusted EBITDA increased 15% to GBP 15.0m, reflecting high-margin operations and operational leverage.
Strong North American Performance
North America drove growth: U.S. revenues up 19% (23% constant currency) and Canada up 26% (31% constant currency); the region now represents 63% of content licensing revenue.
Content Licensing & Platform Scale
Content licensing revenues expanded (reported +3%; +5% constant currency) with the platform processing over GBP 7.4bn of bets in 2025, 107 games live, and distribution to more than 250 partners across 32 regulated markets.
Player Engagement and Product Cadence
Unique players rose 22% year-on-year; launched 12 Slingo titles in 2025 (same as 2024) and increased bespoke/localized content and platform aggregation (new internal studio Lucky Lunar established).
Cash Generation and Balance Sheet Strength
Underlying cash inflow of GBP 9.5m (63% of adjusted EBITDA) and net cash increase of GBP 4.3m for the year, leaving GBP 17.8m cash at year-end, demonstrating strong cash conversion versus prior years (2023: GBP 4.5m, 45%; 2024: GBP 6.1m, 46%).
Capital Allocation: Buybacks and Investment
Returned GBP 2.8m to shareholders in FY2025 (part of a GBP 6m program; remaining GBP 3.2m completed in Q1 2026 alongside a further GBP 5m buyback) while increasing capital investment by GBP 2.5m to scale content capabilities.
Market Expansion and New Launches
Entered 7 new markets in 2025 (including Brazil, South Africa, Switzerland) and additional markets in early 2026 (bringing distribution to 32 markets), with launches in Delaware and British Columbia during the year and Peru post-year-end.
Pro Forma Resilience Against Increased U.K. Duty
Company modeling shows that if the recent U.K. remote gaming duty increase (21% to 40%) had been in effect for all of 2025, reported adjusted EBITDA would have been GBP 13.3m (a pro forma reduction of GBP 1.7m), and management still expects double-digit adjusted EBITDA growth on a like-for-like basis into 2026 excluding the tax timing effect.