GameAccount Network on Simulated Gaming

With the lack of progress in the internet gaming market in the U.S., GameAccount Network (GAN) has refocused its efforts on its Simulated Gaming Product following a disappointing first half 2015 progress report.

Key performance highlights for HY1/2015 included:

–    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

Dermot Smurfit, chief executive officer of GameAccount Network commented:

“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. “

GAN said gross proceeds from its simulated gaming product have exceeded $2.8 million, an increase of over 330 percent. Simulated gaming now represents over 41 percent of the company’s overall revenue.

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