LONDON (Alliance News) - GameAccount Network PLC Thursday reported a widened pretax loss for 2015, and expressed confidence for 2016 and beyond as it looks to expand in the US, rolling out its Simulated Gaming product in new casinos.
The gaming software and online gaming content developer and supplier reported a pretax loss of GBP5.6 million for 2015, widened from a pretax loss of GBP2.6 million in 2014, as revenue fell to GBP25.8 million from GBP26.1 million, and distribution costs increased.
GameAccount said its revenue in 2014 had benefited from the final payment related to a material internet gaming system sale. It attributed the fall in revenue also to a decline in game and platform development fees.
The company said it has focused on driving revenue growth for its Simulated Gaming product in the US and Australian markets, as well as focusing on the real money gaming markets of New Jersey in the US and Italy.
During 2015 it launched Simulated Gaming with four US casinos in Pennsylvania, California, Maryland and Nevada, and signed deals to launch it at The Borgata Casino in New Jersey, as well as with Isle of Capri in Illinois, to be delivered in 2016.
"We remain confident in our prospects for 2016 and beyond. For 2016, we anticipate significantly increased market share in New Jersey's Regulated Gaming market with The Borgata (subject to certain contractual conditions being met). In Simulated Gaming we forecast material growth from the launches of The Borgata, Isle of Capri, Jack Entertainment and two undisclosed but material casino clients located in the Northeast and Southwest regions of the US," said Chairman Dermot Smurfit in a statement.
Following the year end the company raised GBP2.6 million, which it plans to put towards the continued expansion in the US.
Shares in GameAccount Network were untraded Thursday morning. They last traded at 30.35 pence.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
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