28th Jun 2019 09:53
(Alliance News) - Games developer and distributor Gaming Realms PLC said Friday its 2018 loss narrowed despite revenue falling as costs subsided and it continues to pursue its licensing business.
For 2018, pretax loss totaled GBP6.0 million versus GBP8.6 million loss in the year prior. This was despite revenue falling 18% to GBP6.2 million from GBP7.6 million the year before.
Profit performance was helped by a steep fall in costs during 2018, marketing, operating & administrative costs fell to GBP6.4 million from GBP11.3 million the year prior. This helped offset impairments of GBP1.9 million booked in 2018, from none the year before.
"We began our licensing business in 2017 as part of the strategy to fully capitalise on the strength of our games development operations," Gaming Realms Chief Executive Officer Patrick Southon said. "In a period of 24 months we have developed, licensed and launched 34 games via major gaming partners such as GVC and 888 and captured over 3.5% market share in New Jersey."
"As a result, and post the imminent completion of the sale of the remaining B2C RMG business, we are looking forward to focusing solely on increasing the cadence of game development and licensing delivery as more B2B partners come online," Southon added.
Gaming Realms does not pay a dividend.
"The success to date in licensing our Slingo content illustrates a clear market opportunity to grow our revenue and profitability on an international level," Southon continued. "This view has been further reinforced by the recent deal with Scientific Games to distribute of all our Slingo games via its global platform, which we expect to start contributing revenue in the latter part of 2019."
Shares in Gaming Realms were 11% lower at 5.20 pence in London on Friday.
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