Mixed bag of FY2106 results from GAN

B2B software supplier, GAN (Formerly GameAccount Network), has reported gains in net revenue of 30 percent but losses persist the company showed in its 2016 Fiscal report for the twelve months ending December 31, 2016.

Key performance metrics for the period include:

– Net Revenue of GBP 7.8 million (2015: GBP 6.0 million) an increase of 30 percent on 2015.

– Clean EBITDA1 loss of GBP 0.9 million (2015: GBP 3.0 million) a reduction of 70 percent on 2015.

– Loss before tax of GBP 5.2 million (2015: GBP 5.6 million) and loss per share of GBP 0.06 (2015: GBP 0.09)

– Loss after tax of GBP 3.8 million (2015: £5.0m)

– Cash and cash equivalents at the end of the year of GBP 3.2 million (2015: GBP 3.8 million)

– Net Assets at the end of the year of GBP 10.9 million (2015: GBP 10.2 million)

– Raised Gross Proceeds of GBP 4.4 million in 2016 from share placings and an additional GBP 2 million in April 2017 through an unsecured 9 percent convertible loan note positioning the Group for further growth

Dermot Smurfit, CEO of GAN commenting on the results, said:

“2016 has continued the period of investment for GAN, and, performance to date in 2017 is in line with our expectations.

“GAN has continued to position its business to capture growth in emerging online gaming markets in the US. 2016 saw significant progress with Simulated GamingTM, together with a number of significant commercial and strategic developments.

“Our investment in the business continues and we have grown our team and expanded our technical expertise, US infrastructure and gaming content portfolio throughout 2016.

“We remain confident in our prospects for 2017 and beyond.”