GAN FY 2015 results released

Friday, April 29,2016 :  GAMEACCOUNT NETWORK BATTLED IN 2015
 
But CEO remains optimistic for the coming year.
 
Simulated Gaming provider GAN investors will be disappointed with the company's FY 2015 results released this week, although CEO Dermot Smurfit remains upbeat that better things lie ahead, especially in the US market where he has clinched several deals with land gambling companies.
 
Net revenues for 2015 were 20 percent down year-on-year at GBP 6 million, gross income eased from GBP 26.1 million to GBP 25.8 million, and EBITDA plunged 112 percent, steepening from a loss in 2014 of GBP 1.4 million to a 2015 loss of GBP 3 million.
 
Cash on hand was down from GBP 10.8 million in 2014 to GBP 3.8 million in 2015, whilst net assets declined from GBP 15.2 million to GBP 10.2 million.
 
Smurfit has bet big on GAN's ability with its Simulated Gaming technology to capture a chunk of the US land casino market and exploit the possibilities for online gambling in the States.
 
He commented: “Throughout 2015 Simulated Gaming proved its ability to support the core on-property gaming business of US casino clients, lending impetus to new client signings as GAN’s increasing body of evidence provided compelling rebuttal against US casino operators’ natural concerns relating to cannibalisation of existing land-based business.
 
“Our investment in the business continues and we have grown our team and expanded our technical expertise, US infrastructure and gaming content portfolio throughout 2015.
 
“We remain confident in our prospects for 2016 and beyond.
 
“For 2016, we anticipate significantly increased market share in New Jersey’s Regulated Gaming market with the Borgata, subject to certain contractual conditions being met.
 
“In Simulated Gaming, we forecast material growth from the launches of the Borgata, Isle of Capri, Jack Entertainment and two undisclosed but material casino clients located in the Northeast and Southwest regions of the US.”
 
GAN's latest deal involved a yet-to-be-announced tribal casino operator in the US south west