London AIM listed Gaming Realms Plc, remains positive on company performance despite reporting wider pre-tax losses for its 2014 financial performance. The company highlighted that it was entering a key growth stage which had seen a substantial revenue increase, which would continue into 2015.
Reporting on an extended 15 period (ending 31 December 2014), after governance changed its yearly reporting to match the calendar year. Gaming Realms reported a widened losses to £9.8 million (FY2013: £3.4 million),
In March Gaming Realms management had issued a warning to the market that it expected to concur wider losses, during its growth period which had seen the company upscale marketing and acquire industry assets.
The company was pleased to announce that revenues had shot up to £11.2 million (FY2013: £850,000), which was offset by increased marketing costs of £10.2 million (2013: 31.8 million) combined with increased administrative expenses of £6.4 million.
Gaming Realms Chairman Michael Buckley.
“Gaming Realms delivered a transformational year in 2014, the acquisition of QuickThink Media and Blueburra Holdings has enabled us to grow the customer base more rapidly. The completion of our proprietary platform and the successful inception of the SpinGenie brand have provided us with the foundations to deliver our unique gaming offering,”
“With our heavy investment in player acquisition and platform development, the board believe Gaming Realms is well placed to continue growth throughout 2015. We have seen very positive results in the first quarter of 2015, with net gaming revenue from real money on our platform increasing 80% quarter on quarter to GBP1.8 million,” said the company.