GAN Announces Favorable Trading Update for FY 2019
LONDON--(BUSINESS WIRE)--Jan 31, 2020--
GAN plc (“GAN” or the “Company”), an award-winning developer and supplier of enterprise-level B2B Internet gambling software, services and online gaming content in the United States, today provided a trading update ahead of its preliminary results for the year ended December 31, 2019 (FY 2019).
2019 Financial Highlights
Trading for FY 2019 is expected to be ahead of market expectations with year-over-year revenue growth in the range of between 115% and 120% and year-over-year EBITDA 1 margin in the range of between 30% and 35%, which compares to prior-year EBITDA 1 margin of -14%. GAN ended FY 2019 with a strong, debt-free balance sheet and positive cash flow for the year.
Trading was ahead of expectations as a result of the following factors:
Later today, being January 31, 2020, GAN plc expects to file the required F-1 filing to the U.S. Securities Exchange Commission (“SEC”), formally initiating the U.S. listing process and ultimately seeking admission to trading on NASDAQ as a Foreign Private Issuer as soon as reasonably practical. As a result of this U.S. listing process, and associated SEC compliance obligations relating to forward-looking statements, no outlook can be provided at this time.
Dermot Smurfit, CEO of GAN commented:
“We are delighted with our full year performance in 2019, which proved the long-theorized margin opportunity available to GAN as a specialized enterprise software provider and provides a solid foundation for 2020 and beyond. Our intellectual property and technical expertise put us at the forefront of the Internet sports betting and casino gaming market as demonstrated by our diverse and expanding client base. Our recent new client announcements, continued focus on acquiring additional new clients and expectations for further real money Internet gambling legislation to pass in new States in the U.S. set the stage for 2020 to be yet another very exciting year.”
1 Clean EBITDA is a non-GAAP Company specific measure and excludes interest, tax, depreciation, amortisation, share based payment expenses and other items which the directors consider to be non-recurring and one time in nature.
GAN is a leading business-to-business (“B2B”) supplier of internet gambling software-as-a-service solutions (“SaaS”) to the US land-based casino industry. The Company has developed a proprietary internet gambling enterprise software system, GameSTACK™, which it licenses principally to land-based US casino operators as a turnkey technology solution for regulated real-money internet gambling, encompassing internet gaming, internet sports gaming and virtual Simulated Gaming.
GAN is listed on the London Stock Exchange (LSE: GAN).
This announcement contains Inside Information as defined under the Market Abuse Regulation (EU) No. 596/2014.
For more information please visit www.GAN.com.
View source version on businesswire.com:https://www.businesswire.com/news/home/20200131005064/en/
Head of Investor Relations
+1 214 799 4660
jwielebinski@GAN.comUS Investors: The Equity Group
+1 212 371 8660Carolyne Sohn
+1 415 568 2255UK & Ireland Investors: Newgate Communications
+44 (0) 20 3757 6880Davy (Nominated Adviser and Joint Broker)
John Frain / Barry Murphy
+353 1 679 6363Liberum (Joint Broker)
Neil Patel / Cameron Duncan
+44 (0) 20 3100 2000
KEYWORD: EUROPE UNITED STATES UNITED KINGDOM NORTH AMERICA
INDUSTRY KEYWORD: ENTERTAINMENT TECHNOLOGY MOBILE ENTERTAINMENT SOFTWARE INTERNET ELECTRONIC GAMES CASINO/GAMING
SOURCE: GAN plc
Copyright Business Wire 2020.
PUB: 01/31/2020 07:00 AM/DISC: 01/31/2020 07:01 AM