Good results for Gaming VC

European online gambling group Gaming VC, has posted preliminary results for the year ended 31 December 2008 and Q1 2009 trading update showing a pretax profit of Euro 16 million.

The group operates 6 online casino, poker and gambling sites, including Casino Club, Casino Club Poker, Poker Kings, Betaland and WinZingo.

Financial highlights include:

* Net Gaming Revenue up 17.5 percent to Euro 50.1 million

* Gross profits up 22.5 percent to Euro 40.9 million

* Non-German business now generating 31 percent of contribution (2007: 21 percent)

* Operating profit increased to Euro 16.4 million (2007: Euro 16.2 million)

* Profit before tax rose to Euro 16.9 million (2007: Euro 16.6 million)

* Cash at bank (net of customer balances) as at 31 December 2008 of Euro 17.5 million and Euro 24 million as at 17 April 2009

Operational Highlights

* Board strengthened through appointment of Richard Cooper as Group Finance Director and Karl Diacono as Non-Executive Director, both of whom have significant industry and regulatory experience (see previous InfoPowa reports)

* Diversification outside Germany continues successfully

* Long term contract signed with Boss Media in March 2009

* Operational hubs in Malta and Tel Aviv are now fully established

* Final stage of negotiations to acquire a leading South American online sports and gaming business.

Reporting on Q1 2009, the company indicated that NGR is up 12 percent to Euro 14.9 million and 26 percent higher than Q4 2008. Contribuition from non-German NGR was Euro 8.4 million as the group continued its diversification strategy, representing 56 percent of total NGR. In Q1 2009, sports bets were up 46 percent compared to the Q1 2008, with gross win margin in this sector up 7 percent to 23 percent compared to the same period in 2008.

Commenting on the results, Kenneth Alexander, Chief Executive of Gaming VC said: "I am delighted that our strategy to diversify the group's product offering away from Germany continues to be successful. Our non-German brands are growing strongly and their percentage contribution to group revenue is increasing. We continue to seek acquisition opportunities in selected additional markets. In the first three months of 2009, trading has been slightly ahead of our expectations across all divisions of the group and I am cautiously optimistic that 2009 will be a successful year."

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