Posting results for the year ended December 31, 2019, the mobile gambling games firm reported a loss from continuing activities of £4.6mln, down from £5.6mln in 2018, while revenues jumped by 11.5% to £6.9mln.
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Over the year, Gaming Realms said it had expanded its game library to 36 titles on its remote server from 28 in 2018.
Into 2020, the company said licensing revenue had increased by 90% to £1.3mln in the first quarter and that it has also launched games with six new partners in the period, including Sky Betting and Gaming in the UK, Draftkings in New Jersey USA and Caliente in Mexico.
Looking ahead, the firm said its dependence on the UK “will lessen” as it goes live with more international operators, adding that it has applied for a licence in Pennsylvania to distribute its games in the state which is expected to be granted by the end of the year.
Given the strong first-quarter performance, Gaming Realms said it was confident in ita ability to deliver its full-year aspirations.
The group’s executive chairman Michael Buckley said the company was continuing to experience “a high level of demand” for its products despite the coronavirus pandemic.
“These operating results, together with new deals already announced and the pipeline of additional distribution partners to come, gives the Board confidence in the strategy being pursued, and our expectations for this year and beyond”, he added.
In a note on Tuesday, analysts at the company’s house broker Peel Hunt retained their ‘buy’ rating and 16p target price, saying the reported loss was smaller than their forecasts and with online casino revenue robust globally, “there could hardly be a better time for Gaming Realms’ content strategy to be bearing fruit”.
“Gaming Realms has built exactly the content businesses positioned to thrive in 2020”, the broker said.
The firm’s shares were 3% higher at 7.8p in late-morning trading.
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