Gaming Realms FY revenues to be ahead of expectations
Video games developer Gaming Realms said on Tuesday that full-year revenues were set to be "modestly ahead" of expectations thanks to an "encouraging" performance from its content licensing business, although it does not anticipate making a profit just yet.
Gaming Realms said the content licensing unit had continued to go "from strength to strength" during the year, with eight new licensing agreements added.
However, the AIM-listed group said that despite the improved revenue performance and the continued control of costs, it still believes it will post a full-year adjusted underlying loss of about £500,000.
Gaming Realms said the positive momentum had continued into the start of 2020, with the company launching its content on the sites of Leo Vegas and Buzz Bingo - the online site of one of the UK's largest owners of land-based bingo halls.
Chairman Michael Buckley said: "FY19 was a transformational year for Gaming Realms, and I am delighted with our overall performance.
"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."
At 1055 GMT, the shares were down 8.3% at 8.25p.