StockMarketWire.com - Mobile phone games producer Gaming Realms forecast revenue 'modestly ahead' of expectations, citing strength at its content licensing business, though it still foreshadowed an operating loss.

The company also said chief executive Patrick Southon had decided to step down with immediate effect. Non-executive chairman, Michael Buckley, would become executive chairman until a replacement was found.

Gaming Realms said its content licensing business had continued to go from 'strength to strength', with eight new licensing agreements added during the year.

Due to this revenue performance and continuing cost control, the company anticipated reporting a 2019 adjusted EBITDA loss of approximately £0.5m.

Gaming Realms said 'positive momentum' had continued into the start of 2020, with its content launched on the sites of Leo Vegas, the Swedish mobile gaming company, and Buzz Bingo, the online site of one of the UK's largest owners of land-based bingo halls.

At 9:00am: [LON:GMR] Gaming Realms Plc share price was -0.77p at 8.23p

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