Dermot Smurfit, chief executive officer of GameAccount Network, said the online gaming systems and software provider’s performance in the six months to June 30, 2014 is in line with expectations despite the firm having suffered heavy year-on-year losses in the period.
The company posted net revenue of £4.2 million (€5.4 million/$6.8 million) in the first half, which is a significant drop from the £9.1 million achieved in the corresponding period last year.
GameAccount noted that excluding systems of sales of £1.1 million, which are down from £6.8 million last year, underlying net revenue increased 34% from £2.3 million in H1 of 2013 to £3.1 million this year.
The company also said that clean earnings before interest, tax, depreciation and amortisation was also in line with expectations, despite having dropped from earnings of £5.9 million last year to a loss of £400,000 in the first half of 2014.
GameAccount also posted a loss before tax of £900,000, compared to a profit before tax of £4.9 million in H1 of 2013.
However, the firm did note that its net assets at the end of the period amounted to £16.9 million, which is significantly higher than £5.8 million last year.
Speaking about the results, Smurfit said: “The first half of 2014 has continued the period of investment for GameAccount, and, performance to date is in line with our expectations.
“Following a transformational year in 2013, GameAccount has continued to position its business to capture growth in online gaming markets, particularly in the US.
“The first half of 2014 saw the launch of key products across our offering, in particular Simulated Gaming, together with a number of significant commercial and strategic developments.
“Following our launch of real-money gaming in New Jersey last year, the launch of Simulated Gaming across the US has been another innovative step for the business.
“Real-money gaming in New Jersey and the pace of regulation in the US market has been slower than expected but we are confident in the long-term prospects for real-money gaming in the years ahead.
“Our first half revenue from gaming system sales was down year-on-year however we are actively engaging with multiple potential system buyers and we remain confident in our ability to continue to deliver on sales of our gaming system to casino equipment manufacturers although the timing of such sales remains uncertain.”
source : www.igamingbusiness.com
