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Cryptologic has just released its figures for 2009 and has seen revenue fall to $39.8m in the year to the end of December.

The firm said this was down from $61.5m in 2008 and pointed to reduced betting activity across the industry, twitchy currency markets, and a significantly reduced contribution from a major licensee.

The firm announced a net loss of $35.5m compared with a loss of $32.7m in 2008. This reflects a $24.8m non-recurring charge for asset impairments and restructuring to bring the company's costs in line with its revenue base.  Total annual recurring cost base, which comprises operating, general and administrative, finance and amortization expenses, fell by $20.6m to $55.0m.

Brian Hadfield, CryptoLogic's President and CEO said: "2009 was a tough year as a number of adverse factors including a global economic downturn overshadowed the company's progress in implementing its innovative new strategy to reduce costs and return to growth.

“We have entered 2010 in better shape with a substantially reduced cost base that will continue to be managed tightly. At the same time, new business momentum remains encouraging as branded games continue to roll out and hosted casino licensees implement new initiatives. With new licensing activity staying strong and the overall online casino/gaming market showing some improvement, we look to the year with cautious optimism," he said.

Cryptologic produces some of online gaming’s most popular games and has licensing deals with both DC Comics and Paramount Digital Entertainment. The DC Comics deal has led to the development of some hugely popular slots games, including Batman, Superman and Wonder Woman. Braveheart, Forrest Gump and Ghost are just a few of the slots developed under the Paramount agreement.