iCandy (ASX:ICI) reports 1600% revenue growth in H1 FY22

September 01, 2022 10:52 AM AEST | By Ritwika

Google News:

iCandy (ASX:ICI) reports 1600% revenue growth in H1 FY22 — Image source: © Jirsak | Megapixl.com

Recent News

What are next big copper projects? UBS tells when equipment makers cou...

EUR/USD poised to rack up more gains as ECB and Fed rate paths set to...

Carney launches ‘One Canadian Economy’ Act to unify trade, approvals

Trump signs orders to enhance drone defenses, support supersonic trave...

Highlights:

iCandy’s revenue touched AU$15.7 million in H1 FY22, representing a growth of 1600% from the previous corresponding period.

Similar pattern in revenue growth is expected to continue further, supported by recent acquisitions by the company.

First time ever, the game licensing firm has delivered a positive EBITDA of AU$4.4 million in FY22.

Australian media and entertainment firm iCandy Interactive Limited (ASX:ICI) reported significant revenue growth of 1600% in H1 FY22, compared to H1 FY21, in its half-yearly results for the financial year 2022 released today (1 September).

Backed by the release of the company’s financials, iCandy shares opened trading 17.105% higher at AU$0.089 per share at 10:30 AM AEST, today.

Details of iCandy’s financial performance as per its H1 FY22 result:

iCandy’s revenue touched AU$15.7 million in H1 FY22 from AU$0.9 million in H1 FY22. The company’s revenue represented a growth of 1600% in the given financial year. This massive growth in iCandy’s revenue was supported by the contribution of Lemon Sky Studios, acquired by the company in February 2022.

The board of iCandy expects the revenue trend to continue in the same manner as the majority of the company’s revenue was contributed by the recently acquired business units. Furthermore, the company revealed that its recently acquired business, Lemon Sky Studios is in high demand now for its game development services for AAA games which will help iCandy to drive revenue.

Backed by significant revenue growth, this is the first time that iCandy reported positive Earnings Before Interest, Tax, Depreciation and Amortization (EBITDA) of AU$4.4 million in H1 FY22.

Recent developments within iCandy:

iCandy has currently undertaken new key Web3 games that include its first AAA metaverse game Metal Genesis. This game is in its development phase right now, and its playable demo is likely to be released in Q4 FY22. Metal Genesis is an armoured robo-suit war machine-themed and player-vs-player metaverse virtual world game being developed by leading game designers and experts from Lemon Sky Studios.

Disclaimer

The content, including but not limited to any articles, news, quotes, information, data, text, reports, ratings, opinions, images, photos, graphics, graphs, charts, animations and video (Content) is a service of Kalkine Media Pty Ltd (Kalkine Media, we or us), ACN 629 651 672 and is available for personal and non-commercial use only. The principal purpose of the Content is to educate and inform. The Content does not contain or imply any recommendation or opinion intended to influence your financial decisions and must not be relied upon by you as such. Some of the Content on this website may be sponsored/non-sponsored, as applicable, but is NOT a solicitation or recommendation to buy, sell or hold the stocks of the company(s) or engage in any investment activity under discussion. Kalkine Media is neither licensed nor qualified to provide investment advice through this platform. Users should make their own enquiries about any investments and Kalkine Media strongly suggests the users to seek advice from a financial adviser, stockbroker or other professional (including taxation and legal advice), as necessary. Kalkine Media hereby disclaims any and all the liabilities to any user for any direct, indirect, implied, punitive, special, incidental or other consequential damages arising from any use of the Content on this website, which is provided without warranties. The views expressed in the Content by the guests, if any, are their own and do not necessarily represent the views or opinions of Kalkine Media. Some of the images/music that may be used on this website are copyright to their respective owner(s). Kalkine Media does not claim ownership of any of the pictures displayed/music used on this website unless stated otherwise. The images/music that may be used on this website are taken from various sources on the internet, including paid subscriptions or are believed to be in public domain. We have used reasonable efforts to accredit the source wherever it was indicated as or found to be necessary.