Online gaming systems and software provider GameAccount Network has cited its ongoing investment strategy as the main reason behind a year-on-year drop in net revenue during 2014.
Net revenue amounted to £7.5 million (€10.4 million/$11.2 million) in 2014, down from £12.3 million posted in the previous year.
Clean earnings before interest, tax, depreciation and amortisation also slumped from a positive figure of £4.1 million in 2013 to a loss of £1.4 million in the most recent 12-month period.
Elsewhere, GameAccount posted an operating loss of £2.7 million in comparison to a profit of £1.6 million in the previous year, while the firm also noted that its assets at the end of 2014 amounted to £15.2 million, compared to £17.7 million in 2013.
Despite the losses, underlying net revenue was up 20% to £6.5 million excluding systems sales of £1million, and chief executive officer Dermot Smurfit was upbeat about GameAccount’s growth potential during 2015.
“2014 has continued the period of investment for GameAccount, and, performance to date in 2015 is in line with our expectations,” Smurfit said.
“Following a transformational year in 2013, GameAccount has continued to position its business to capture growth in online gaming markets, particularly in the US.
“2014 saw the launch of key products across our offering, in particular Simulated Gaming, together with a number of significant commercial and strategic developments.
“Real-money internet 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.
“For 2015 we believe that the opportunity for GameAccount Network with Simulated Gaming will substantially compensate for the slower than expected pace of the development of real-money internet gaming in the US.
“Our investment in the business continues and we have grown our team and expanded our technical expertise, US infrastructure and gaming content portfolio throughout 2014.”
source : www.igamingbusiness.com
