It’s goodbye to CEO Patrick Southern who is leaving Gaming Realms. He is also stepping away from his position on the Board of Directors of the mobile developer.
Southon is seeking new challenges.
“During my six years as CEO, the main focus of the company was on B2C real money gaming. The last of those assets was disposed of in July 2019, and the company is now stable and successfully implementing its new B2B-focused game development and licensing strategy.“
He feels that as a co-founder, now is the right time to move on, statiing it has been an honor to work alongside everyone at Gaming Realms.
Non-executive chairman Michael Buckley will fill in on an interim basis. He will work with Chief Financial Officer, Mark Segal, to keep the company going while waiting to install a permanent CEO.
Buckley spoke on the departing officer.
“Patrick made a valuable contribution to the company over the last six years as CEO, helping to successfully evolve its resources and strategy to better suit the changed regulatory landscape. I wish him every success in the future.”
Analysts are taking a closer look at the company’s revenue projections to see if they are ahead of the initial forecast. It won’t hurt that Gaming Realms has signed eight new licensing agreements.
In addition, it has made an agreement with William Hill to bring their mobile games live. In fact, it is expecting to an even bigger launching platform on LeoVegas and Buzz Bingo in the year ahead.
Hopefully it can recoup some EBITDA losses for 2019. They are reported to be approximately £0.5m ($648,000).
This is considered a modest loss, and Buckley is positive about the future at Gaming Realms.
“FY19 was a transformational year, and I am delighted with our overall performance. We are now a simplified business with a clear and attainable strategy underpinned by a skilled and talented management team.“
He says that the combination of a strong games portfolio, the existing distribution agreements with global partners, and the company’s strong pipeline of new partnerships makes him cautiously optimistic about the significant opportunities ahead.