Stride Gaming declares maiden interim dividend

Online soft gaming operator Stride Gaming declared a maiden interim dividend on Monday as it reported a rise in revenue but a drop in profit.

For the six months ended 29 February, pre-tax profit fell to £228,000 from £1.6m the year before while basic earnings per share were down 103% to 0.1p from 3.3p in 2015.

The group said this was in part due new non-cash expenses such as share options and contingent consideration, which did not take place in prior year and higher amortisation in the first half of 2016 following the acquisition of InfiApps in July 2015.

Still, revenue rose to £21.6m from £11.7m and Stride declared a maiden interim dividend of 1.1p per share to be paid in June.

Chief executive officer Eitan Boyd said: “The group has delivered another period of robust growth. This has been achieved despite regulatory and tax headwinds and demonstrates the underlying strengths of our business, which include owning our own proprietary software, our multi-branded strategy and our highly experienced management team.

"We have successfully integrated InfiApps, the mobile social gaming company, into the group, the acquisition of which complements the strong organic growth delivered in our core real money gaming vertical.”

Stride said current trading was strong and the company is well positioned to deliver “exceptional” results for the full year.

At 1112 BST, Stride shares were up 6.9% to 272.60p.