Internet betting firm GAN has released its first half 2015 financial results, noting disappointing results when compared to the same period last year.
Key financial indicators for the first half of 2015 were:
Gross Income increased to GBP 13.4 million (HY1/2014: GBP 13.2 million)
Net Revenue of GBP 2.9 million (HY1/2014: GBP 4.2 million)
Underlying Net Revenue decreased 6 percent to GBP 2.9 million (HY1/2014: GB 3.1 million excluding the impact of system sales in 2014 of GBP 1.1 million)
Clean Ebitda loss of GBP 1.5 million (HY1/2014: loss of GBP 0.4 million)
Underlying Clean Ebitda loss remains unchanged at GBP 1.5 million excluding the impact of system sales in 2014
Net Revenue attributable to Simulated Gaming has increased significantly to GBP 1.2 million (HY1/2014: GBP 0.2 million)
Loss before tax of GBP 2.6 million (HY1/2014: Loss before tax of GBP 0.9 million) and loss per share of GBP 0.05 (2014 loss per share GBP 0.02)
Cash and cash equivalents at the end of the period of GBP 7.6 million
Balance Sheet remains solid with Net Assets at the end of the period of GBP 12.6 million
Commenting on his company's performance GAN CEO Dermot Smurfit said, "The first half of 2015 has continued the period of investment for GAN, and, performance is in line with our plan. We have continued to focus on building a substantial recurring revenue base to offset this investment and achieve future profitability."