Mobile Game Developer Gaming Realms announced that Chief Executive Officer Patrick Southon is stepping down from his position effective immediately. This will also include him stepping away from his position on the Board of Directors of the company.
In a statement, Southon explained that he is looking to take on new challenges. “During my six years as CEO, the main focus of the company was on B2C real money gaming. However, with the last of those assets disposed of in July 2019, and the company now stable and successfully implementing its new B2B focused game development and licensing strategy, I feel now is the right time for me to pursue a new challenge. It has been an honor to work alongside everyone at Gaming Realms and I wish them and the company every success in the future.”
Southon had been with Gaming Realms since 2013 when he and Simon Collins helped co-found the mobile developer. Collins left in October last year to take on a position with News UK.
Until a permanent replacement is found to fill the position of CEO, non-executive chairman Michael Buckley will serve as the executive chairman on an interim basis. He will work with chief financial officer Mark Segal to keep the company progressing in the absence of a permanent CEO.
In a statement, Buckley thanked Southon for his dedication to the company and wished him well. “Patrick has made a valuable contribution to the company over the last six years as CEO, most recently helping to successfully evolve the company’s resources and strategy to better suit the changed regulatory landscape we operate within. On behalf of the board, I wish him every success in the future.”
In a recent trading update published by Gaming Realms, they explained that they expected the projections for revenue for the year 2019 to be “modestly ahead” of the initial forecast for the year. The company signed eight new licensing agreements last year, which played a significant role in their success.
In addition, Gaming Realms reached an agreement with William Hill to bring their mobile games live, and is expecting to have an even bigger launching platform on LeoVegas and Buzz Bingo in 2020.
The company expects to see an adjusted EBITDA loss of approximately £0.5m ($648,000) for the fiscal year 2019. The final report will be released in April.
Despite the modest loss, Buckley is positive about the future at Gaming Realms. “FY19 was a transformational year for Gaming Realms, 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.
“The combination of our strong games portfolio, our existing distribution agreements with global partners, and our strong pipeline of new partnerships means we are cautiously optimistic about the significant opportunities ahead of us as we focus on the growth of the company.”
