GameAccountNetwork reports £2.6m pre-tax loss

GameAccountNetwork, a gaming software firm led by led by Dermot Smurfit jnr, has reported a pre-tax loss of £2.6 million(€3.6 million) for 2014 compared with a profit of £1.6 million (€2.23 million) a year earlier.

The company, which was founded in 2002 and listed on the London and Dublin stock exchanges in late 2013, said revenues fell from £12.3 million (€17.1 million) in 2013 to £7.5 million(€10.4 million) last year.

GameAccountNetwork develops and supplies enterprise-level business-to-business gaming software and online gaming content. During the year under review the company signed up three new US-based casino clients and launched Simulated Gaming there. It said it also delivered an internet gaming platform for Betfair in New Jersey and launched new iSight Back Office in the US and Europe.

Mr Smurfit said that real-money internet gaming in New Jersey and the pace of regulation in the US market had been slower than expected but the company was “confident in the long-term prospects for real-money gaming in the years ahead”.

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

“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,” he added.

The company said it had a strong balance sheet at the end of the year of £10.8 million, down from £16.8 million a year earlier. Net assets at the end of 2014 totalled £15.2 million as against £17.7 million in 2013.