11 February 2020
Gaming Realms Plc
("Gaming Realms", the "Company" or the "Group")
Pre-close Trading Update
Gaming Realms plc (AIM: GMR) ("Gaming Realms" or the "Company"), the developer and licensor of mobile focused, real money games, announces a trading update for the full year to 31 December 2019 ("FY19").
The Company expects to report FY19 revenue modestly ahead of the Board's expectations. This encouraging performance has been driven primarily by the Company's content licensing business, which has continued to go from strength to strength, with eight new licensing agreements added during FY19. Due to this revenue performance and the continuing control of costs, the Company anticipates reporting a FY19 adjusted EBITDA loss of approximately £0.5m.
The Company expects to report its FY19 Preliminary Results during the week commencing 13th April 2020.
The positive momentum has continued into the start of FY20, with the Company launching its content on the sites of Leo Vegas, the Swedish mobile gaming company, and Buzz Bingo, the online site of one of the UK's largest owners of land-based bingo halls. The Company has also released a new game "Slingo Centurion" in partnership with Inspired Entertainment, the global games technology company and developer of the popular "Centurion" game. These achievements underpin the Board's confidence in the year ahead.
Patrick Southon, CEO, has decided to step down from the Board with immediate effect. The Company's Non-Executive Chairman, Michael Buckley, will become Executive Chairman until a replacement is found. Michael will be supported in his role by Mark Segal, who has been CFO of the Company for six years. A further announcement will be made in due course once a new CEO has been appointed.
Patrick Southon, said: "During my six years as CEO, the main focus of the Company was on B2C real money gaming. However, with the last of those assets disposed of in July 2019, and the Company now stable and successfully implementing its new B2B focused game development and licensing strategy, I feel now is the right time for me to pursue a new challenge. It has been an honour to work alongside everyone at Gaming Realms and I wish them and the Company every success in the future."
Michael Buckley, Chairman, said: "Patrick has made a valuable contribution to the Company over the last six years as CEO, most recently helping to successfully evolve the Company's resources and strategy to better suit the changed regulatory landscape we operate within. On behalf of the Board, I wish him every success in the future.
"FY19 was a transformational year for Gaming Realms, and I am delighted with our overall performance. We are now a simplified business with a clear and attainable strategy underpinned by a skilled and talented management team. The combination of our strong games portfolio, our existing distribution agreements with global partners, and our strong pipeline of new partnerships, means we are cautiously optimistic about the significant opportunities ahead of us as we focus on the growth of the Company."
Gaming Realms plc
Michael Buckley, Executive Chairman
Mark Segal, CFO
0845 123 3773
Peel Hunt LLP, Nomad and Broker
020 7418 8900
020 3004 9512
About Gaming Realms
Gaming Realms creates and licenses innovative games for mobile, with operations in the UK, U.S. and Canada. Through its unique IP and brands, Gaming Realms is bringing together media, entertainment and gaming assets in new game formats. The Gaming Realms management team includes accomplished entrepreneurs and experienced executives from a wide range of leading gaming and media companies.