London-based online gaming supplier GAN—formerly GameAccount Network—reported dismal results for fiscal 2015 that included a doubling of operating losses to £5.6 million. Losses for fiscal 2014 were £2.6 million.
Detailing full-year 2015 metrics, GAN recorded a net revenue decrease of 8 percent to £6 million (FY 2014: £6.5 million), and EBITDA losses of £3 million (FY 2014: £1.4 million).
Cash equivalents at the end of the year amounted to £3.8 million compared with £10.8 million in 2014. GAN net assets at the end of 2015 were calculated at £10.2 million compared with £15.2 million in 2014.
GAN officials said the performance was in line with expectations, and part of a process which has also seen new business contacts gained in the U.S. and Australia. “2015 has continued the period of investment for GAN, and performance to date in 2016 is in line with our expectations,” said GAN CEO Dermot Smurfit.
“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.
“Real-money internet gaming in New Jersey and the pace of regulation in the U.S. market has remained slower than expected, but we are confident in the long-term prospects for real-money gaming. For 2016, we believe that the opportunity for GAN with Simulated Gaming will substantially compensate for the delays in regulating real-money internet gaming in the U.S.”
