Online gaming systems provider GameAccount Network published its 2014 H1 interim results, recording a first half loss and revenue fall. The company posted a Gross Revenues of £13.2 million (down 22% on H1 2013 £16.98 million).
The decline in revenues effected reported Net Revenues and Clean EBITDA. The system provider published a 53.5% fall in net revenues of 4.16 million (2013 H1 £9.1 million). Company EBITDA reported a loss of £444,000 for H1 2014.
Management at GameAccount outlined that the decline in performance for H1 2014, was as expected as 2013 performance figures had been boosted by major system sale that had generated £6.8 million in 2013 H1 revenues.
Management further stressed that GameAccount were in current negotiations with multiple major buyers to integrate its systems by the end of 2014. The sale of internet gaming systems remains a key component of the company’s current earnings stream.
During H1 2014, GameAccount had increased operational costs in order to expand its services and improve its technology. Company management pointed to increase spend on corporate headcount with a view to increasing its US based operations.
GameAccount stated that after implementing various changes to its operations and development the company were in stronger position to challenge the market. The systems provider would soon be launching new content and games for its system clients.
Commenting on H1 2014 company performance CEO Dermott Smurfit said
“Our investment in the business continues and we have grown our team and expanded our technical expertise, US infrastructure and gaming content portfolio in the first half. Consistent with our commitment at IPO, we were also recently awarded a patent for our iBridge Framework™ which will protect and benefit the business as we grow in the US market.
Our first half revenue from gaming system sales was down year-on-year however we are actively engaging with multiple potential system buyers and we remain confident in our ability to continue to deliver on sales of our gaming system to casino equipment manufacturers although the timing of such sales remains uncertain.”
GameAccount Network H1 2014 Performance Overview