River Tech Plc published its annual report for 2021 yesterday after market close, revealing revenue growth of 44% y/y, a gross margin of 77% and a 267% increase in its profit from continuing operations. River Tech realised revenues of EURm 10.7, up from EURm 7.5 in 2020; results from operating activities of EURm 3.4, up from EURm 2.4 in 2020 and profit for the year of EURm 4.4, up from EURm 0.5 in 2020. The company has moved towards a new SaaS driven business B2B model, which it continues to execute through 2022.
River Tech Plc is a holding company which has historically been active in the iGaming industry. However, the group has undergone a significant transformation over the last two years to now focus on only subsidiary “River Technologies”, which offers B2B software solutions. River Tech looks ahead to expanding its software and platform solutions beyond the iGaming industry with planned ventures within the FinTech, Gamification and Affiliation industries for later in 2022.
River Tech looks to sustain its profitability during 2022 with a view to paying down its outstanding non-current loan amounting to EURm 8.9. While the company still has negative equity amounting to EURm 2.9, resulting from negative retained earnings in 2019, the profits for the year of its subsidiary River Technologies amounted to EURm 6.5, suggesting the company can return to positive equity in the near term.
HC Andersen Capital receives payment from River Tech Plc for a Digital IR/Corporate Visibility subscription agreement. / Philip Coombes AM 11:26 29.04.22