London-listed Gaming Realms has reported reduced full-year losses and higher revenues for 2019.

Results for the year ended December 31, 2019, the mobile gambling games firm reported a loss from continuing activities of £4.6m, down from £5.6min 2018, while revenues increased by 11.5% to £6.9m. Net Cash Flow £1.0m (2018: £0.2m) with £2.6m cash at the year end.

Commenting on the results, Michael Buckley, Executive Chairman, said: “In 2019 we disposed of the B2C business to allow the Group to concentrate solely on the development and licensing of our Slingo online gaming content. During the year we increased our games portfolio, secured key partnerships with industry leaders, and broadened our international reach and audience. I am delighted to report that this progress has continued into the current year.

“With reference to current trading, I am pleased to inform shareholders that our licensing revenues for the first quarter of 2020 were 90% ahead of the same period of 2019, and we are operating ahead of the Board’s forecast. These operating results, together with new deals already announced and the pipeline of additional distribution partners to come, gives the Board confidence in the strategy being pursued, and our expectations for this year and beyond.

“In light of the Covid-19 pandemic, I would like to reassure all our investors and stakeholders that the Group has taken every precaution to ensure the safety of our staff and those we work with. While it is impossible to predict the duration of this situation, we continue to experience a high level of demand for our products which supports the Board’s confidence in the future prospects of the business.”