Gaming Realms has reiterated the confidence that full-year sales for 2019 will be modestly ahead of board projections, as CEO Patrick Southon makes an imminent decision to step down from the board.
Announced as the mobile developer and licensor based, real money games publish a trading update, Gaming Realms also commented on the continued positive momentum created by the beginning of 2020.
Once Southon’s decision has been made, Michael Buckley, the non-executive chairman, will become executive chairman until a replacement is found, with Mark Segal, who has served as CFO for six years, playing a supporting role.
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.”
Building on a promising success driven primarily by the software licencing sector of Gaming Realms, the company inked eight new agreements in 2019 as it “continued to go from strength to strength.”
The company anticipates reporting a FY19 adjusted EBITDA loss of about £ 0.5 m due to this sales output and ongoing cost control.
The company has also celebrated a range of partnerships entered into this year alongside the likes of LeoVegas and Buzz Bingo, as well as in collaboration with Inspired Entertainment, the launch of Slingo Centurion.
Buckley explained: “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.”