Online gaming content and software developer GameAccount Network plc has posted net revenues of £7.5m for the 12 months to December 31, 2014, down nearly 40 per cent from £12.3m in 2013.
However, underlying net revenue increased 20 per cent to £6.5m from £5.4m in 2013, excluding system sales of £1m.
Loss before tax was £2.6m compared with a 2013 profit before tax of £1.6m and the company’s net assets at year-end were £15.2m, down from £17.7m.
CEO Dermot Smurfit said: “2014 has continued the period of investment for GameAccount and performance to date in 2015 is in line with our expectations.
“Following a transformational year in 2013, GameAccount has continued to position its business to capture growth in online gaming markets, particularly in the US. 2014 saw the launch of key products across our offering, in particular Simulated Gaming, together with a number of significant commercial and strategic developments.
"Real-money internet gaming in New Jersey and the pace of regulation in the US market has been slower than expected but we are confident in the long-term prospects for real-money gaming in the years ahead.
“For 2015 we believe that the opportunity for Simulated Gaming will substantially compensate for the slower than expected pace of the development of real-money internet gaming in the US.”
