LONDON (Alliance News) - Gaming software firm GAN PLC maintained its 2019 guidance as one of its partners plans expansion into a new US state.
Shares were 8.9% higher on Monday at a price of 49 pence each.
Internet gambling should start in Pennsylvania in the summer of 2019, GAN said.
The company reiterated guidance of mid-to-high double-digit revenue growth for the year and a positive earnings before interest, tax, depreciation, and amortisation figure.
In 2017, it posted revenue of GBP9.1 million, and GAN has guided for 2018 revenue of between GBP10.5 million and GBP11.3 million.
Guidance for 2018 is for an Ebitda loss of between GBP1.0 million and GBP1.5 million. In 2017, it had registered a GBP500,000 positive Ebitda, its first in four years.
Results for 2108 will be released March 29.
GAN said Monday that licensing costs in Pennsylvania will likely be far lower than expected, at USD10,000 from USD1 million expected before.
GAN got its provisional licence from the state on Wednesday last week, already having received one from New Jersey in April 2017.
GAN's partner in the US, Greenwood Gaming & Entertainment, which trades as Parx Casino, has now added New Jersey to its planned list of US states, alongside Pennsylvania.
