Gaming Realms cuts losses
News on 4 Dec 2014
News on 4 Dec 2014
Gaming Realms, which creates, publishes and markets next generation online gaming products, announced its interim results for the six months ending 30 September 2014 on Thursday, reporting a significant reduction in its losses from GBP 4.3 million in the first half to GBP 2.3 million in H2-2014.
Financial highlights from the statement included:
* Revenue up 421 percent to GBP 4.6 million (H2-2013: GBP 900,000);
* Loss before taxation of GBP 3.1 million which includes marketing spend of GBP 3.6 million, costs for an Alderney licence, and those related to the acquisition of Blueburra Holdings, as well as continued costs associated with building the group’s new gaming platform;
* Strong balance sheet with GBP 3.8 million cash and cash equivalents (H1-2014: GBP 1.8 million);
Operational highlights showed:
* Daily active players up 14 percent to 5,205 (H1-2014: 4,576);
* Acquisition of Blueburra Holdings Limited for approximately GBP 10.5 million to increase affiliate size and bingo database;
* Licenses achieved with Alderney Gambling Control Commission and the UK Gambling Commission;
* Delivery of new in-house scalable platform with the launch of Spin Genie brand which includes a feature set to enhance conversion, retention and monetisation of real money gambling players;
* Exclusive UK licence agreed with RealNetworks for the provision of Slingo, (a popular bingo-slot format) for use on the company’s real money gambling platform, creating strong cross-selling opportunities;
Gaming Realms CEO Patrick Southon, said:
“We are pleased to report the completion and launch of our platform which is showing good initial growth. We believe the acquisitions of QuickThink Media and Blueburra Holdings, coupled with the monetisation ability of our new ‘feature led’ gambling platform, will enable us to grow revenues even more quickly in 2015.”
The Board remains confident that the Group is well positioned to maintain its strong growth trajectory and continued player acquisition. The strategy remains to engage users on new mobile devices through a soft gaming proposition, while maintaining its focus on reducing CPA.
