Gaming Vc Earnings Results

9/28/09 - Generally positive financials from veteran online gambling company

Online gambling group Gaming VC Holdings S.A., has released its interim results for the six months ended 30 June 2009.

Financial highlights included:

* Net Gaming Revenue Euro 26.5 million, up 10 percent on H2-08 and Euro 400 000 on H1-08
* Gross profits increased 4.4 percent to Euro 22.0 million (H1-08: Euro 21.1 million)
* Clean EBITDA up to Euro 8.9 million from Euro 8.7 million in H2-0
* Net cash resources increased to Euro 20.8 million, equivalent to approximately 60p per share

The company reported third quarter 2009 highlights that included:

* Entered South American market with acquisition of betboo.com for Euro 3 million
* Proposed redomiciliation of the group from Luxembourg to the Isle of Man

Commenting on the results, Kenneth Alexander, Chief Executive of Gaming VC, said: "I am pleased to report that, despite the challenging economic conditions, we have achieved a strong set of interim results including improvements in both Net Gaming Revenue and gross profit compared to the same period last year, and more importantly to the second-half of 2008.

"Our strategy of geographic diversification continues and has been underpinned by our move into South America through the completion of our acquisition of betboo.com. I am encouraged with current trading in the third quarter and remain confident about our prospects for the second half of the year."

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