Gaming Realms makes progress in ‘transformational’ year
Patrick Southern, chief executive of Gaming Realms, has said that the internet gaming products publisher experienced a “transformational” year in 2014 after it was able to record significant revenue growth.
In a trading update, Gaming Realms reported that revenue during the 15 months through to December 31, 2014, amounted to £11.2 million (€15.3 million/$16.7 million), up from just £900,000 in 2013.
Gaming Realms’ marketing services proved to be the main source of revenue after generating £7.3 million.
A further £2.7 million in revenue was derived from real-money gaming while social gaming also generated £1.2 million.
Despite revenue growth, Gaming Realms reported that adjusted earnings before interest, tax, depreciation and amortisation increased from a loss of £2.3 million in 2013 to a negative of £8.2 million in the 15-month period.
“2014 was a transformational year for Gaming Realms,” Southern said.
“The completion of our proprietary platform and the successful inception of the Spin Genie brand have provided us with the foundations to execute our strategy in 2015.
“We are confident that shareholders will see much improved results for 2015.”
Elsewhere, Gaming Realms has reported early success of a new proprietary platform that was launched in September by its Bear Group subsidiary.
Since the launch, management has noted that 82% of players are using mobile and generating 60% of total revenue.
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