GameAccount reports £2.6 million profits loss in 2014

Igaming developer and software provider GameAccount posted top line metric declines for its year end 2014 performance, as the operator’s governance emphasised that 2014 had been a year of re-structuring and re-investment for the company.

GameAccount recorded a net revenue decline to £7.5 million down 39% on FY 2013 £12.3 million. Its declining revenue performance would translate to a clean EBITDA loss of £1.4 million, a steep decline on 2013’s £4.1 million earnings.

The company would further record a loss of £2.6 million in profits before tax (FY 2013: £1.6 million), combined with a loss per share of £0.05. GameAccount net assets declined to £15.2 million (FY 2013: £17.7 million).

GameAccount governance highlighted strategic and operational developments undertaken by the company during 2014 which would aid growth in 2015. These included the launch of its Simulated Gaming product for the US market, which had been partnered with three new US casino clients.

2014 had further seen GameAccount deliver its igaming platform for Betfair New Jersey,  as governance would further state that the company had re-invested in UK infrastructure, technical development, patents and additional resources during the period.

Dermot Smurfit Jnr, CEO of GameAccount Network commented:

“2014 has continued the period of investment for GameAccount, and, performance to date in 2015 is in line with our expectations

Our investment in the business continues and we have grown our team and expanded our technical expertise, US infrastructure and gaming content portfolio throughout 2014. Consistent with our commitment at IPO, we were also awarded a patent for our iBridge Framework™ which will protect and benefit the Simulated Gaming™ business as we grow in the US market.

Our full year revenue from gaming system sales was down year-on-year however we are actively engaging with multiple potential system buyers and we remain confident in our ability to continue to deliver on sales of our gaming system to casino equipment manufacturers although the timing of such sales remains uncertain