The online gaming technology provider has seen its subsidiaries for skill gaming, exchange-betting technology and online sports information bring in consolidated revenues of £1.5 million, up 176% from the fourth quarter of 2004.
“The first quarter of 2005 was full of significant accomplishments for FUN. We have continued to grow our businesses, and expanded on the exceptional corporate momentum built during 2004. In particular, we completed our acquisition of Don Best Sports, and showed improvement across a wide range of metrics”, said Lorne Abony, Chief Executive Officer of the company.
The skill gaming subsidiary SkillJam and the addition of Don Best Sports have driven the growth of the consolidated revenue.
In particular SkillJam\’s growth was fuelled by the success of its partnership with AOL as well as key licensee signings such Certus, Inspired Broadcast Networks and The Network for Games.
The group is now looking to use the proceeds of the February\’s placing to further develop its business.
“FUN Technologies is in a market-leading position in a number of key, rapidly growing sub-sectors of online gaming. As we build the distribution of these products through alternative channels, the competitive advantages embedded in these operating businesses become ever stronger. These ongoing developments – combined with our strong balance sheet, high-quality staff and dedicated management team – make me extremely optimistic about the remainder of what promises to be an exciting, opportunity-filled 2005,” said Abony.
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