Wednesday 21 August 2019

Smurfit's Gan reports record profits

Gan CEO Dermot Smurfit Jr
Gan CEO Dermot Smurfit Jr
Ellie Donnelly

Ellie Donnelly

Dermot Smurfit Jr's gaming software company Gan reported record revenues of £4.6m (€5.3m) in the three months to March 31.

Sales were up 122pc on a year-over-year basis as 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 of £0.6m in the first quarter of this year.

"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," said CEO Mr Smurfit.

"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 US."

As of April 30, 2019, Gan had a debt-free balance sheet and a cash pile of £8.6m.

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