GIG Announces New CEO

November 8, 2019 by

For Q3 2019, the Gaming Innovation Group (GiG) recorded revenues of € 30.2 m ($33.5 m) down 19% year-on-year. The supplier reported a € 2.7 million EBITDA, a 46% decline. B2C sales were € 20.2 million, down 17%, while B2B revenues were € 11.9 million, down 23%. With otherwise strong performance in Central Europe and Scandinavia (excluding Sweden), the GiG affiliate Rizk accounted for 75 per cent of B2C sales.

The supplier attributed its decline in revenue to a tough Swedish market and year-on-year comparisons were affected by the termination of a customer contract in Q4 2018. Along with their report, the supplier also announced the appointment of Richard Brown as its new CEO after the release of its Q3 results. Brown, who had joined the company in 2017 and worked as managing director, was later named the acting CEO. He would take the role from co-founder Robin Reed, who had been CEO for a number of years previously.

Brown, talking about his new role, told reporters that he was pleased to receive the new position as CEO of the Gaming Innovation Grouped after having worked within the company for the last four years. He added that he feels that there is lots of potential for the company, adding that while the industry may have encountered some difficulty in 2019, he remains excited about their future. He finally added that he is looking forward to the new phase of the company’s life cycle going forward.

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