GAN expects 'record year' for revenues, swings to a profit in first half

13th Sep 2019 08:08

(Sharecast News) - Gambling software group GAN took itself off the market on Friday after turning in a profit for the first half of its trading year thanks to a sharp increase in revenues.
GAN, which put itself up for sale in March as part of a strategic review, said it had received a number of bids but felt none of them had represented a "fair value for shareholders".

As a result, GAN closed its formal sales process and will now pursue a US stock market listing.

For the six months ended 30 June, GAN saw revenues more than double to £11.3m, helping it record a pre-tax profit of £777,000 - a marked improvement on the £3.4m loss it reported a year prior.

Revenues rose across all of the AIM-listed firm's markets, with US revenues being the greatest contributor with a 217% year-on-year jump.

In Italy, revenue rose 1.8% to £1.8m, while in the UK, sales grew more than ten-fold to £623,000. Rest of the World revenues grew 76% to £30,000.

GAN now expects to witness a "record year" for revenues, with year-to-date trading being "significantly ahead of board expectations".

As of 1100 BST, GAN shares had shot up 19.72% to 86.80p.