LONDON (Alliance News) - Online gambling company Gaming Realms PLC on Monday said it expects to see improved results in 2015 on the back of the launch of the gaming platform by its Bear Group Ltd subsidiary, as it said it expects to post a widened loss for 2014 despite better revenue.
Gaming Realms said it expects its earnings before interest, taxation, depreciation and amortisation loss to widen to GBP8.2 million for the 15 months to December 31, compared to a GBP2.3 million loss in the 12 months to end September 2013. The company has changed its financial year to match the calendar year.
It expects revenue for the 15-month period to be GBP11.2 million, compared to GBP0.9 million in 2013, with real money gaming revenue to rise to GBP2.7 million from GBP0.2 million, marketing services revenue to be GBP7.3 million against GBP0.2 million and social gaming revenue to be GBP1.2 million from GBP0.4 million.
The group said its Bear Group subsidiary launched its mobile gaming platform in September 2014 and said the results have been encouraging, with average active daily users doubling month-on-month to reach 2,100 in March 2015.
"2014 was a transformational year for Gaming Realms. The completion of our proprietary platform and the successful inception of the Spin Genie brand have provided us with the foundations to execute our strategy in 2015," said Chief Executive Officer Patrick Southon.
"We have been extremely pleased with the integration of QuickThink Media and Blueburra Holdings as they have been able to give the group more scale in player acquisition and management. We are confident that shareholders will see much improved results for 2015," Southon added.
Shares in Gaming Realms were up 2.0% to 32.50 pence on Monday.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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Gaming Realms (GMR)