Smurfit's Gan reports record profits
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.