11th Feb 2020 09:18
(Alliance News) - Gaming Realms PLC on Tuesday said it is "cautiously optimistic" going forward after its revenue "modestly" beat expectations in 2019.
In addition, Gaming Realms said Chief Executive Patrick Southon will step down with immediate effect, with Non-Executive Chair Michael Buckley becoming the executive chair until a replacement is found.
"During my six years as CEO, the main focus of the company was on B2C real-money gaming. However, with the last of those assets disposed of in July 2019, and the company now stable and successfully implementing its new B2B focused game development and licensing strategy, I feel now is the right time for me to pursue a new challenge," explained Southon.
The mobile games developer and licensor said it expects to report 2019 revenue modestly ahead of its expectations, thanks to "encouraging" performance of its content licensing business, which added eight new licensing agreements during the year.
Gaming Realms said it expects to report adjusted loss before interest, taxes, depreciation and amortisation of GBP500,000, unchanged year-on-year.
The company will publish its annual results during the week starting April 13, it said.
Looking ahead, Gaming Realms said the positive momentum has continued into the start of 2020, with the company launching its content on the sites of Leo Vegas, the Swedish mobile gaming company, and Buzz Bingo, the online bingo site.
Gaming Realms said it has released a new game, Slingo Centurion, in partnership with Inspired Entertainment, a games technology company.
"The combination of our strong games portfolio, our existing distribution agreements with global partners, and our strong pipeline of new partnerships, means we are cautiously optimistic about the significant opportunities ahead of us as we focus on the growth of the company," said Buckley.
AIM-listed Gaming Realms shares were trading 10% lower in London on Tuesday at 8.10 pence each.
By Evelina Grecenko; [email protected]
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