GiG Finance Director Phil Richards Leaving the Company

GiG Software's chief financial officer (CFO), Phil Richards, has left the company. The company announced his departure a few days after releasing its third quarter 2026 results. Richards took up the role in July 2024, and the search for his successor is ongoing.

During Richards' time in the role, GiG began trading on Nasdaq Stockholm and acquired a majority stake in 888AFRICA. Richards said he was proud of these two developments. He is leaving the iGaming sector entirely and will start next month as CFO of technology developer Chaos.

The company's CEO, Richard Carter, thanked Richards for his contributions and wished him well. In the third quarter, the purchase of an 80 percent stake in 888AFRICA was completed. However, revenue fell from 9.7 million euros to 8.5 million euros. The operating loss rose from 3.5 million euros to 4.3 million euros, while EBITDA dropped 33 percent to 800,000 euros.

The company reaffirmed its 2026 guidance. Combined revenue is expected to be 45 to 48 million euros, and adjusted EBITDA 5.5 to 7 million euros. For 2027, combined revenue is expected to be 85 to 90 million euros and adjusted EBITDA 17 to 19 million euros. Richards will not be with the company during this period, and he shared his feelings about his departure on LinkedIn.