Business
Pre-close Trading Update and Board Update
Pre-close Trading Update and Board Update.
About this update from Gaming Realms Plc
[{"type":"text","content":"\n \nRNS Number : 5423C Gaming Realms PLC 11 February 2020 \n\n11 February 2020\n \n \nGaming Realms Plc\n \n(\"Gaming Realms\", the \"Company\" or the \"Group\")\n \nPre-close Trading Update\n \nand\n \nBoard Update\n \nTrading update\n \nGaming 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\").\n \nThe 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.\n \nThe Company expects to report its FY19 Preliminary Results during the week commencing 13th April 2020.\n \nThe 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.\n \nBoard update\n \nPatrick 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.\n \nPatrick 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 pur...