30th Apr 2014 11:01
LONDON (Alliance News) - GameAccount Network PLC Wednesday said it swung to a pretax profit in 2013, in a transformational year that saw revenues more than double.
The developer and supplier of enterprise-level B2B gaming software and online gaming content, reported a pretax profit for the year of GBP1.6 million, compared with a loss of GBP1.0 million in 2012.
In 2013, net revenues increased by 123% to GBP12.3 million, compared with only GBP5.5 million a year earlier, which it said was driven by significant growth in higher margin revenue streams, including a major platform sale and increased third party game development deals.
It said that gross income from gaming operations and services for the year increased to GBP29.7 million, up from GBP17.7 million in 2012
Overall B2B revenues increased from GBP3.9 million to GBP11.3 million, which it said offset a small decline in the B2C business, where revenues fell to GBP1.0 million, from GBP1.6 million.
GameAccount Network shares rose 11.7% Wednesday morning at 124.55 pence per share.
The company, which only listed on London's AIM market in November last year, said it now has a strong balance sheet with almost GBP17 million in liquidity to accelerate 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 US regulated markets," said Chief Executive Dermot Smurfit in a statement.
During 2013, the group invested heavily in product development, which it said has enhanced its mobile and reporting capability. The group said that expansion in the US remains a top priority.
During the year, GameAccount Network partnered with Foxwoods Casino in Connecticut, and also launched its real money gaming platform in the newly regulated market of New Jersey via Betfaircasino.com under the Trump Resorts International brand.
Since then, it has signed game development and distribution deals with KONAMI Gaming, Multimedia Games, Reel Time Gaming and Gamomat.
It has also signed new partnerships with Net Entertainment for game distribution in Italy, with Osage Casinos in Oklahoma and New York?s Empire City Casino in the US.
By Rowena Harris-Doughty; [email protected]; @rharrisdoughty
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