Pre-tax losses at gaming software firm GameAccount Network (GAN) more than doubled last year to £5.6 million following losses of £2.6 million in 2014.

The company, which is a leading developer and supplier of enterprise-level B2B gaming software and online gaming content, announced results for the twelve months ended December 31st, 2015 on Thursday.

It reported net revenue of £6 million as compared with £7.5 million in 2014. Underlying net revenue decreased 8 per cent to £6 million, down from £6.5 million in 2014. It also noted a clean Ebitda1 loss of £3 million, compared with £1.4 million in 2014.

Cash and cash equivalents at the end of the year amounted to £3.8 million compared with £10.8 million in 2014.

Net Assets at the end of the year were £10.2 million compared with £15.2 million in 2014.

GAN chief executive Dermot Smurfit said the results were "in line" with expectations.

“2015 has continued the period of investment for GAN, and, performance to date in 2016 is in line with our expectations,” he said.

“Following a transformational year in 2013, GAN has continued to position its business to capture growth in emerging online gaming markets in the US. 2015 saw significant progress with Simulated Gaming together with a number of significant commercial and strategic developments.”