Ireland – GameAccount boosts revenues by 123 per centBy Phil - 1 May 2014
GameAccount Network saw net revenue increase by 123 per cent to £12.3m for the year ended December 31, up from £5.5m in 2012 during what CEO Dermot Smurfit described as a ‘transformational year.’
Profit before tax for the year increased to £1.6m, compared to a loss of £1m in 2002.
The year was boosted by the launch of a real money gaming platform in newly regulated New Jersey via Betfaircasino.com under the Trump Resorts International brand. GameAccount also partnered with Foxwoods Casino in Connecticut in advance of the launch of Simulated Gaming product in January 2014
The company also signed dame development and distribution deals with Konami Gaming, Multimedia Games, Reel Time Gaming and Gamomat launching in 2014.
There was significant growth in higher margin revenue streams including a major platform sale and increased third party game development deals. The Italian market also saw increases in revenues from the distribution of third party slots content.
Towards the end of the years deals were signed with Net Entertainment for game distribution in Italy; and with Osage Casinos in Oklahoma and New York’s Empire City Casino in the United States.
Dermot Smurfit, CEO of GameAccount Network said: “2013 was a transformational year for GameAccount Network. Net revenue has more than doubled and EBITDA increased from £0.3m to £4.1m. We have made real progress in delivering on our strategic initiative to develop sustainable higher margin revenue streams while positioning the Group for growth in regulating markets. We also successfully raised £15 million through an institutional placing in November 2013 and listed on the AIM and ESM markets of the London and Irish Stock Exchanges. We have a strong balance sheet with almost £17 million in liquidity to accelerate our growth in 2014 and beyond.
“We continue to invest significantly in recruitment to support increased product development and sales & marketing services capability in both the European and United States regulated markets,” he added. “During 2013 the group invested heavily in product development resulting in enhanced mobile and reporting capability. We also completed our unique Simulated Gaming product offering designed to enable land-based casino operators in the United States to move online in advance of regulation of real money Internet gaming. Simulated Gaming combines the Company’s real money Internet gaming technology platform; recognisable Class III casino gaming content; and, the land-based casino operator’s brand. In January 2014 the Group delivered Simulated Gaming into the United States for Foxwoods Resort Casino in Connecticut and secured new casino operator customers including, Osage Casinos in Oklahoma and Empire City Casino in New York. In addition to regulated Internet gaming and Simulated Gaming in the United States we remain well placed in 2014 to deliver further growth in our core European content distribution business with new game titles for Konami Gaming, Multimedia.”