Surpassing expectations

BMM Testlabs reports robust growth in CY 2022, increase in TTM revenue by 19% in Q1 2023

BMM CEO Martin Storm.
2023-06-07
Reading time 1:16 min

Gaming test lab and product certification consultancy BMM Testlabs revealed Tuesday that its calendar year 2022 financial results have "surpassed all expectations," and that momentum has continued into 2023.

Martin Storm, Group CEO, commented: "I am grateful for the hard work of our wonderful staff all around the world who grew all our businesses to record results. We enjoyed particularly strong growth across all regions where we added more than 100 new customers to an already substantial portfolio.”

Storm noted that the company’s digital business has flourished in Europe, Africa, and the US over the last three years and its land-based business continues to grow with very large customers extending the company's share in the US, Canada, and Australia. He further said that while BMM dominates key international markets, it is reaching a tipping point in the US and European jurisdictions as gaming market access completes.
 
In CY2022, BMM TIC Revenues grew +18.6% Y/Y and EBITDA +37.7% Y/Y, both to record levels. Continuing the momentum through Q1 2023, TTM Revenues grew +19.8% Y/Y and EBITDA +58.2% Y/Y.

"BMM's global market reach and 15 international locations mean we compete for nearly every gaming certification deal, and we win a high percentage at appropriate margins," added Storm. "We remain confident that BMM share will continue to grow as more customers migrate towards high-quality testing and certification to lower their real product costs."
 
"We see the gaming testlab segment consolidating further as a direct response to our success and growth. Our new testlabs in Slovenia and India are operating exceedingly well and our new lab in Brazil is ready to go when legislation finally passes. Most importantly for me as the CEO, we have attracted exceptional leadership and continue to retain our most experienced and best staff. We are committed to transforming the gaming lab landscape over the next 18 months as we invest heavily in the TIC segment."

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