Positive earnings for GAN after investment cycle
GAN, the gaming software company headed up by Dermot Smurfit Jr, has posted earnings before interest, taxation, depreciation, and amortisation of £0.5m (€0.57m) for 2017, a turnaround on the £0.9m loss recorded in 2016.
Gross income for 2017 was £41.1m (€46.9m), a 30pc increase on the previous year, according to the company's annual results released yesterday. The performance was driven by the launch of five new clients of Simulated Gaming in the US, together with a number of significant commercial and strategic developments, according to Mr Smurfit, CEO of GAN.
Mr Smurfit went on to say that one of the most significant developments was the passage of legislation permitting almost 13 million Pennsylvanian residents to play real money internet casino games starting in the second half of 2018.
GAN's client of Simulated Gaming in Pennsylvania, Parx Casino, is the largest single casino property by market share in the US state.
Overall the company reported a loss after tax of £3.5m (€4m), down slightly on the £3.8m loss recorded in 2016.
"2017 saw GAN deliver its first full year of positive ebitda since 2013 following a lengthy investment cycle," Mr Smurfit said.
He said the investments position the company as a market leader in the US casino industry "delivering internet gaming solutions for real money, regulated gaming and simulated gaming which is deployed in advance of regulation".
Looking forward, Mr Smurfit said the company's performance to date in 2018 is "in line with expectations".