SBC News Transformational year for GameAccount
Dermot Smurfit

Transformational year for GameAccount

Gaming software developer GameAccount Network boosted net revenue by almost £7m last year, financial records detail.

The company, listed on both the Irish and London Stock Exchanges, increased net returns to £12.3m by December 31st, a jump of 123% on 2012 figures. Profit before tax yielded £1.6m, versus a subsequent loss of £1m the year previous.

Commenting on some of the firm’s recent success and future goals, CEO Dermot Smurfit 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 (before deduction of expenses) 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.”

Forging partnerships has been a key strategic feature for the London based company and developer of slots and skill games, having secured several high-profile and lucrative deals in the U.S. and Italy, allowing it to expand its product offering and base.

These contracts include the launch of a real money gaming platform in New Jersey via Betfaircasino.com, numerous supplier agreements with KONAMI Gaming, Multimedia Games, Net Entertainment and Reel Time Gaming, as well the opening of U.S. HQ offices in Las Vegas and Nevada. New York’s Empire City Casino has teamed up with the operator, to use and host its specialist online platform for new clients.

“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,” said Smurfit.

“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 Games, Reel Time Gaming and Gamomat coming to market in 2014 in both desktop and mobile formats,” added Smurfit.

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