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Gvc Holdings results showcase new launch and litigation against Boss Media
Group's latest results showcase new launch and litigation against Boss Media
GVC Holdings, an Isle of Man-domiciled internet gambling group which includes Casino Club, Betaland and Betboo in its portfolio, has released its H1 2010 figures for the half year, reporting that it is planning the launch of a new sportsbook in quarter 4, and will again be in court on 14 October as it pursues its intellectual property litigation against software provider Boss Media.
Highlights in the company's half yearly accounting include:
* Net Gaming Revenue up 8 percent to Euro 28.1 million (H1/2009: Euro 26 million)
* 10c per share dividend scheduled for late October
* Planning at an advanced stage for a new multi-lingual sports book launch in Q4/2010
* Further legal actions against Boss Media now scheduled for court hearings in Malta and Sweden
* The group had cash in hand of Euro 6.1 million as at third week September
* Loss-making subsidiary Winzingo has been closed
* Casino Club revenues down 9 percent to Euro 13.7 million
* Betaland revenues up 12 percent to Euro 12.2 million
* Betboo NGR Euro 2.2 million included a Euro 100 000 loss on sportsbook operations
* Average hold down at 12.8 percent (H1/2009: Euro 16.3 million)
* Clean EBITDA lower at Euro 6.6 million (H1/2009: Euro 9 million)
Commenting on the results, chief executive Kenneth Alexander said: “I am pleased to announce that we have increased NGR by 8 percent, despite the continued economic conditions.
"The growth of the South American business continues to accelerate. Our strategy of continuing to pay out a dividend to shareholders of 75 percent of the net cash generated and investing in new high-growth businesses whilst continuing to aggressively defend our high-margin, highly cash generative Casino Club business remains intact.”
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