GAMEACCOUNT NETWORK DELIVERS STRONG 2013 RESULTS
30th April, 2014 at 06:59:34
2013 a transformational year for company, says chief executive
B2B software and online gaming content provider GameAccount Network (GAN) revealed a substantial rise of 123% in Net Revenue and a solid increase in EBITDA during its FY2013 report.
The company had a strong year, launching into the newly regulated New Jersey market and clinching deals with Foxwoods, KONAMI Gaming, Multimedia Games, Reel Time Gaming and Gamomat (see previous reports).
Key financial highlights include:
- Net Revenue increased by 123% to £ 12.3 million (2012: £ 5.5 million)
- Clean Ebitda1 increased by £ 3.8m to £ 4.1 million (2012: £ 0.3 million)
- Profit before tax for the year increased to £ 1.6 million (2012: Loss of £ 1.0 million)
- Earnings per share increased to £ 0.04 (2012: £ 0.01)
- Placing and admission to AIM and ESM raised £ 15 million to accelerate growth
- Strong balance sheet: cash and cash equivalents increased to £ 16.9 million (2012: £ 1.7 million)
GAN launched its Simulated Gaming product in 2013 designed to take US land-based casino operators online in anticipation of real-money internet gaming regulation. Foxwoods Resort Casino was the first to launch with the product earlier this year and GAN announced partnerships this week with two other operators Osage Casinos in Oklahoma and Empire City Casino in New York.
Dermot Smurfit, chief executive officer of GameAccount Network, said:
We have made real progress in delivering on our strategic initiative to develop sustainable higher margin revenue streams while positioning the Group for growth in regulating markets.
We also successfully raised £ 15 million through an institutional placing in November 2013 and listed on the AIM and ESM markets of the London and Irish Stock Exchanges. We have a strong balance sheet with almost £ 17 million in liquidity to accelerate our growth in 2014 and beyond.
"We continue to invest significantly in recruitment to support increased product development and sales & marketing services capability in both the European and United States regulated markets. During 2013 the Group invested heavily in product development resulting in enhanced mobile and reporting capability."
Looking ahead, Smurfit believes the company is well placed in 2014 to deliver further growth in its core European content distribution business with new game titles for Konami Gaming, Multimedia Games, Reel Time Gaming and Gamomat coming to market in 2014 in both desktop and mobile formats.
Related News Tags: Europe, New Jersey