Q4 delivered decent sales and adj. EBITDA
GiG delivered normalised revenue of EUR 26m which is 4% vs ABGSCe 25m (0% vs cons), +14% q-o-q and +44% y-o-y driven by 35% organic growth (ABGSCe 23%) and the acquisition of SportnCo. For comparison, recall the trading update in the Q3’22 report which showed October revenue up 34% y-o-y, whereof 22% organic growth. On product mix, we note that the platform revenues were slightly below our expectations, while Media revenue were strong. Adj. EBITDA reached EUR 10.8m (3% above ABGSCe 10.5m and 6% cons 10.2m), for a normalised margin of 41.5%, while reported EBIT came in at EUR 4.0m which was 10% below our expectations on slightly higher depreciation.
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