Stride Gaming share price rises 2.55 per cent as online bingo firm declares first dividend after revenue and profit rises
Online bingo operator Stride Gaming has declared its maiden dividend, after posting a 21 per cent increase in revenue for the six months to 29 February.
The figures
Sales hit £21.6m in the first half, up from £17.9m in the same period of last year.
The company, which operates online bingo brands such as Kitty Bingo and King Jackpot, posted a pre-tax profit of £228,000, compared with £1.6m profit in the first six months of 2015.
Stride also declared its first dividend at 1.1p per share.
Shares in the company rose 5.49 per cent to 255p in early trading.
Why it's interesting
The company's first dividend payout follows its acquisition of mobile social gaming firm InfiApps last July, just months after floating on Aim.
Stride chief executive Eitan Boyd said the InfiApps had been "successfully integrated", which had supported organic growth during the period.
The interim dividend points to Stride's confident outlook – Boyd said the group is "well positioned to deliver exceptional results for the full year".
What Stride 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.
In short
Stride's acquisition of InfiApps looks like it's paid off, and this first dividend could be the start of a good year for the bingo company's investors.