FUN Technologies announced year-end results

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The parent company of SkillJam Technologies, Don Best Sports and BetBull posted an operating loss of £2.1m for the year ended December 2004.

On October 2004, the company listed on the Toronto Stock Exchange raising approximately £24 million.

“2004 was a year of unprecedented corporate activity for FUN. Through a mix of strategic entry acquisitions and very successful fundraisings, we are now extremely well placed to exploit the dynamic, rapidly growing markets in which we operate. Furthermore, our skill-gaming operation has now established a market-leading position within its industry,” said the company\’s Chief Executive Officer, Lorne Abony.

“In terms of revenue, while 2004 saw the advent of first revenues, we anticipate that 2005 will see significant growth in our business. Furthermore, given that the Don Best acquisition closed on January 31 and the AOL license agreement is only just beginning to have an impact, we anticipate stronger growth in the second half of 2005. Our strategy continues to be to grow our core businesses organically by exploiting their market-leading positions, and use our strong balance sheet to make acquisitions at attractive prices. The Board remains committed to building long-term shareholder value,” added the company\’s Chairman, Andrew Rivkin.