Gaming Nation CEO hails 5050 Central growth in Q1

Scott Secord, chief executive of Gaming Nation, has declared himself “pleased” with the Canadian gaming platform supplier’s performance during the three months to March 31, citing growth within its 5050 Central business as a major highlight.

Consolidated revenue in the first quarter totalled C$2.5 million (€1.7 million/$1.9 million), while adjusted earnings before interest, tax, depreciation and amortisation came in at C$100,000.

Net loss amounted to C$1.9 million, with working capital standing at C$12.1 million and cash and short-term investments totalling C$15.1 million.

“Management is pleased with the results of our first quarter in 2016,” Secord said.

“We continue to see strong growth in our 5050 Central business and we have taken the necessary steps to eliminate the vast majority of losses in our Fantasy Feud business.

“We look forward to continuing to execute our growth strategy in the coming quarters.”

The results come on the back of a mixed 2015 for Gaming Nation, which posted a loss of $23 million, but was able to complete the acquisitions of 5050 Central, as well as 5050 Central-Delaware, Fantasy Feud, Guru Fantasy Reports and Stevo Design.

Related article: Gaming Nation cites acquisition costs as losses mount up