Irish betting firm Game Account Network has revealed their full year 2014 financial results, noting that they posted a £2.6 million loss despite a revenue increase of £6.5 million.
Key highlights released in the report were:
Net Revenue down at GBP 7.5 million (2013: GBP 12.3 million);
Underlying Net Revenue up 20 percent to GBP 6.5 million (2013: GBP 5.4 million) excluding system sales of GBP 1 million (2013: GBP 6.9 million);
Clean Ebitda loss of GBP 1.4 million (2013: Earnings of GBP 4.1 million);
Loss before tax of GBP 2.6 million (2013: Profit before tax of GBP 1.6 million);
Loss per share of 5p (2013 EPS 4p);
Cash and cash equivalents at the end of the year of GBP 10.8 million (2013: GBP 16.9 million);
Net Assets at the end of the year of GBP 15.2 million (2013: GBP 17.7 million)
The company listed the following strategic develkopment during the year:
Launched Simulated Gaming in the US and signed three new US casino clients;
Post period end signed two further Simulated Gaming clients in the US and launched Simulated Gaming for Parx Casino Pennsylvania and in Australia with a consortium of clubs;
Internet gaming platform delivered for Betfair in New Jersey;
Strategic patent awarded in support of Simulated Gaming;
Launched new iSight Back Office in US and Europe;
Invested in US and UK infrastructure: technical, licensing, people and patents;
Despite the loss, things are looking up for the company, with the company looking forward to an expanded foothold in the United States. Commenting on the company's development in the States Game Account Network CEO Dermot Smurfit said, "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."
"GameAccount Network has been selected as the exclusive platform for both Simulated Gaming and regulated real-money Internet gaming by Parx Casino (in Pennsylvania), the leading casino operator in Pennsylvania, and is positioned in 2016 for substantial growth in regulated real-money Internet gaming in Pennsylvania should suitable legislation be enacted in 2015."