Smurfit Jr’s Gan reports record revenues
Dermot Smurfit Jr's gaming software company Gan has reported record revenues of £4.6m (€5.3m) in the three months to 31 March.
Revenue increased 122pc on a year-over-year basis, when compared to the same period last year.
Gan said it benefitted from higher than expected growth of New Jersey's sports betting, in addition to higher than expected casino cross-selling from internet sports bettors into internet casino gaming during the three month period.
The company also generated positive earnings before interest, taxation, depreciation, and amortisation (EBITDA) of £0.6m in the first quarter of this year, returning the company to positive EBITDA following the strategic investment cycle to expand the group's engineering resources.
Dermot Smurfit, CEO of Gan, said: "We are very pleased with our performance through the first three months of 2019 with a record top-line figure and return to a positive EBITDA."
"We knew that the initiatives set in place throughout 2018 positioned the company for a strong first quarter and fiscal year 2019. We remain focused on landing new clients, and expanding upon existing contracts with clients, in addition to preparing ourselves for a rapidly expanding market due to an acceleration in sports betting-led online gambling regulation in the United States."
As of April 30, 2019, Gan had a debt-free balance sheet, including £8.6m in cash and cash equivalents.
Looking to the rest of 2019, the group said the year continues to remain “highly positive” as it continues to see rapid growth in real money gaming in the US markets as well abroad.
Gan is maintaining its full year guidance of mid to high double-digit revenue growth with positive EBITDA.