CryptoLogic has delivered its first annual increase in revenues and cash for five years.
The online casino games supplier reported an increase of five per cent total revenue of US$27.3m for the full year ended December 31, 2011.
David Gavagan, chairman and interim CEO, commented: "While trading conditions remained challenging throughout the year, our strategy and restructuring and the commitment of our people over the past 18 months have returned the business to profit for the first time since 2007.”
The company said that a continued focus on increasing revenues and maintaining tight control over costs, following the significant restructuring programme initiated in August 2010, resulted in a significant turnaround for the company in 2011.
By restructuring, the company was able to focus on arresting the decline in revenues, resulting in its first annual increase in revenues since 2006, its first annual profit and earnings per share since 2007 and its first cash generation from operations since 2006.
In February 2011, CryptoLogic appointed Deloitte Corporate Finance to act as its independent financial adviser to assist it with a strategic review.
