Contagious reveals losses as president resigns

Contagious Gaming has announced losses of Can$8.5m (€5.8m/US$6.8m) for the year ended March 31, 2017, and also confirmed that Sean Yeomans has stepped down as president of the company.

The losses incurred in the past year are greater than the Can$4.4m total loss that was reported in the year ended March 31, 2016.

However, Contagious was able to report a year-on-year increase in revenue from continuing activities, which climbed from Can$1.27m to Can$1.33m, while direct costs dropped from Can$535,700 to Can$289,300

As a result, gross margin at the firm improved from Can$733,900 in 2016 to just over Can$1m for the most recent year.

Total assets at the end of the 2017 fiscal year came in at Can$793,300, compared to Can$13.4m in 2016.

Meanwhile, Contagious also announced that Yeomans has resigned as president and director of the company, and also stepped down from his role as director of its Telos Entertainment subsidiary.

Yeomans, who will remain as president of Telos Entertainment, has opted to exit the other posts at Contagious for personal reasons.

Related article: Contagious to restructure European business