Dermot Smurfit

GAN closes tough 2015 with £5.6 million losses

dermottOnline gambling B2B supplier GameAccount Network (GAN) closes a tough fiscal 2015 (period ending December 2015) reporting that its operating losses have doubled to £5.6 million (FY 2014:£2.6 million).
Detailing full-year 2015 metrics, GAN recorded a net revenue decrease of 8% to £6 million (FY 2014: £6.5 million). Closing 2015 GAN would report clean EBITDA losses of £3 million (FY 2014: £1.4 million).

Cash equivalents at the end of the year amounted to £3.8 million compared with £10.8 million in 2014.  GAN Net Assets at the end of 2015  were calculated at £10.2 million compared with £15.2 million in 2014.

GAN governance stated that corporate performance was in-line with expectations, further noting that the company had gained new business contracts in the US and Australia strengthening its business positions for 2016

Dermot Smurfit, CEO of GameAccount Network commented:

“2015 has continued the period of investment for GAN, and, performance to date in 2016 is in line with our expectations.”

Following a transformational year in 2013, GAN has continued to position its business to capture growth in emerging online gaming markets in the US. 2015 saw significant progress with Simulated Gaming™, together with a number of significant commercial and strategic developments.”

“Real-money Internet gaming in New Jersey and the pace of regulation in the US market has remained slower than expected but we are confident in the long-term prospects for real-money gaming. For 2016 we believe that the opportunity for GAN with Simulated Gaming™ will substantially compensate for the delays in regulating real-money Internet gaming in the US.”

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