Gaming VC Holdings release latest results


FY and Q1 numbers show some improvement after a tough year

The publicly-listed European online gambling group Gaming VC has released its full year 2008 and Q1 2010 results, posting moderate improvements and successful diversification after a tough year of trading.

Financial highlights for 2009 statistics include:

* Net Gaming Revenue increased 7.7percent to Euro 54 million (2008: Euro 50.1 million)

* Clean EBITDA Euro 17.4million (2008: Euro 19.5 million)

* Like-for-like costs Euro 8.1 million (2008: Euro 8.4 million)

* Profit before tax Euro 13.8 million (2008: Euro 16.9 million)

* Own funds at bank Euro 17.6 million despite Euro 3 million paid for Betboo and Euro12.4 million paid in dividends during the year

* Non-Casino Club business now generating 45 percent of NGR (2008: 27 percent) and 25 percent of contribution (2008: 7.5 percent)

The company plans a special dividend of Euro 0.50 per share

2009 operational highlights included the acquisition of South American sportsbetting site Betboo, continued diversification outside Germany, continuing Isle of Man redomiciliation planning and improve performance from the Betaland subsidiary.

The company reports that Quarter 1 2010 has so far had a quiet start with NGR at Euro 14.8 million (Q1 2009 Euro 14.9 million).

Non-Casino Club NGR is up at Euro 7.7 million (Q1 2009: Euro 6.8 million), representing 52 percent of total NGR (2008: 46 percent)

Total sports bets of 1.7 million is an improvement over Q1 2009 when the number of bets reached 1.3 million, with total wager in sports down slightly at Euro 16 million (Q1 2009: Euro 16.3 million).

Gross win margin from Betaland sports declined to 15.0 percent (Q1 2009: 23.4 percent)

Key industry-experienced managers Jon Salmon and Jim Humberstone have been appointed .

Commenting on the results, Gaming VC chief executive Kenneth Alexander said: "Despite difficult trading conditions throughout 2009, Gaming VC has continued to deliver on its strategic growth strategy, offering enhanced products, diversifying geographically and expanding the business outside of Germany. The Group's acquisition of South American gaming company Betboo in the year is part of this strategy.

"I have been encouraged with the Group's progress in the first quarter, in particular with the appointment of Jon Salmon and Jim Humberstone to its management team, both respected veterans in the e-gaming sector. The gaming sector continues to operate in a challenging environment, but the Group remains cautiously optimistic on current trading."

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