Gaming Realms PLC Pre-close Trading Update and Board Update (5423C)
February 11 2020 - 2:00AM
UK Regulatory
TIDMGMR
RNS Number : 5423C
Gaming Realms PLC
11 February 2020
11 February 2020
Gaming Realms Plc
("Gaming Realms", the "Company" or the "Group")
Pre-close Trading Update
and
Board Update
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 GBP0.5m.
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.
Board update
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."
Enquiries:
Gaming Realms plc
Michael Buckley, Executive Chairman
Mark Segal, CFO 0845 123 3773
Peel Hunt LLP, Nomad and Broker
George Sellar
Andrew Clark
Will Bell 020 7418 8900
Yellow Jersey
Charles Goodwin
Georgia Colkin
Annabel Atkins 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.
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END
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