The old football chant, sing when you’re winning, could be applied to gambling software-as-a-solution (SaaS) firm GAN (GAN:AIM) which continued its string of positive updates today as well as formally applying for a US listing.
The shares, having more than doubled over the last six months, added another 4% to 163.5p.
GOING REMAINS GOOD
The company is guiding for revenues for the year ended 31 December 2019 to be up by between 115% and 120% with earnings before interest, tax, depreciation and amortization (EBITDA) margins in the range of 30% to 35%.
This is pretty much inline with consensus estimates of £23.6m revenues and £5m EBITDA.
The reasons that the company trots out are effectively a repeat of the November trading update, namely strong demand in Jersey and Pennsylvania, which led to a faster ramp-up of business.
NEW CLIENT WIN
In a separate announcement the firm has agreed to supply its simulated gaming software to the Snoqualmie Indian Tribe in Washington State. The Tribe owns and operates a 51,000 square-foot gaming floor offering 54 gaming tables and 1,700 slot machines. Importantly the casino is a sponsor and branding partner of the Seattle Seahawks, its local National Football League (NFL) team.
GAN will provide software which allows users to link reward cards to their online simulated account and receive awards related to their online activity.
US LISTING
The company will today file an application to the Securities and Exchange Commission (SEC) seeking admission to trade on the NASDAQ exchange, the leading US technology exchange.
Chief executive Dermot Smurfit, commented, ‘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.’
