Malta-based iGaming platform provider Together Gaming Solutions plc has managed to cut its loss before tax from just over €3 million in 2023 to €349,000 in 2024, reflecting significantly higher revenues and lower administrative and finance costs.

The improved performance was largely driven by enhanced product offerings arising from the acquisition of Together Gaming Solutions plc parent company Gameday Group by Sweden’s Cherry with Friends AB in January 2024.

The merger combined Gameday Group’s iGaming expertise with the extensive land-base resources of Cherry with Friends AB, enabling the launch of additional iGaming websites.

Together Gaming Solutions owns the Enji iGaming platform, which it provides as a turnkey solution to licensed operators. The launch of new B2C activities by the group led to a major increase in turnkey revenues, from €1.16 million in 2023 to €3.94 million in 2024.

White-label services, wherein the Enji platform is licensed to third-party iGaming operators, registered a modest increase in revenue from €674,000 in 2023 to €697,000 in 2024.

In its financial statement for FY2024, the company recorded that its cost of sales also decreased from the €996,000 registered in 2023 to €639,000 in 2024, an improvement attributed to “optimised platform-related costs and operational efficiencies.”

Together Gaming Solutions plc therefore saw its gross profit jump by a remarkable 290.4 per cent to €3.29 million.

Administrative expenses amounted to €3.25 million, leading to an operating profit of €45,402, a major turnaround from the €2.67 million operating loss registered the previous year.

Finance costs also decreased markedly to €394,000 (2023: €740,000), thanks to “strategic liquidity management,” including investments in Treasury Bills and loans provided to related companies.

Together Gaming Solutions plc reported a loss before tax of €348,823 for 2024, reflecting a significant improvement over the loss of €3 million registered in 2023.

As of 31st December 2024, Together Gaming Solutions held total assets of approximately €23.95 million, slightly down from €24.39 million the previous year. The company’s largest single asset remains the Enji technology platform, valued at €5.31 million, down from €7.57 million in 2023, reflecting a decrease in its book value.

The company continues to hold an outstanding loan of €1.8 million to its immediate parent, Gameday Group plc, which was originally extended to support the repurchase of the Bethard Brand. In March 2024, a further €5 million loan was granted to the ultimate parent company, Cherry with Friends AB, at a fixed annual interest rate of six per cent.