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LONDON (Alliance News) - AIM-listed online gaming business Gaming Realms PLC said Wednesday that trading in the first quarter of its current financial year improved on the previous quarter, boosted by new players and paying users.
The online gaming products developer said revenues in the three months to end-December increasing by 64% on the quarter, to GBP1.43 million.
Gaming Realms said new depositing players in the first quarter rose 55% to 29,291, and daily average depositors, which is the number of users paying for its services, more than doubled to 3,504 in the first quarter, from only 1,370 in the previous quarter.
"Having made substantial investment in technology and product marketing, we are now focused on growing the customer base of our unique gaming offering," said Chairman Michael Buckley in a statement.
The group said that 50% of its gambling revenues came from mobile during the period. It said together with tablet use, the two are a significant focus for the business, reflecting current online gaming trends.
During the quarter, the group acquired data marketing company QuickThink Media Ltd for GBP2.2 million, and also launched US marketing trials. The group said its current focus is on the UK market, although it will look at new regions for expansion as legislation allows, it said.
"Given the increased investment in product development and marketing, the Board believe Gaming Realms is well positioned to produce similar growth and player acquisition throughout the remainder of the current financial year," the company said in a statement.
In its maiden results for the four months to September 30, 2013, which marked the end of its last financial year, the group reported revenues of GBP0.9 million.
The group said marketing spend of GBP1.75 million, and set-up costs, resulted in a pretax loss of GBP3.3 million for the period.
Gaming Realms said it had seen encouraging initial player take-up, with 18,881 new depositing players and 1,370 daily average depositors joining during the four-month period.
Still, the company's shares were trading 5.7% lower at 20.75 pence per share Wednesday morning.
By Rowena Harris-Doughty; rowenaharrisdoughty@alliancenews.com; @rharrisdoughty
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