Gaming VC - Bringing innovation, excitement and integrity to online gaming.

PRESS RELEASE

Preliminary Results

11 April 2006

Gaming VC Holdings S.A., a leading European online casino provider, today announces its unaudited Preliminary Results for the year ended 31 December 2005.

Financial Highlights

The Casino business was acquired by Gaming VC on 21 December 2004 so the comparative 2004 figures only reflect 11 days trading.

• Recommended final dividend of 21p per share to be paid on 22 May 2006. Total dividend for year of 42p per share represents yield of 9.7% on last night’s closing price.
• Turnover of €40.4 million (2004: €0.7 million)
• Gross margin 76% (2004: 79%)
• Operating profit of €13.4 million (2004: €0.4 million)
• Profit before tax of €12.8 million (2004: €0.3 million)
• Basic earnings per share of €0.41
• Average daily revenue €113k for 1Q 2006
  

Business Highlights

• Average 2% per month revenue growth since October 2005 achieved
• New registrations continue to increase: 14,700 Q1 06 (11,200 Q4 05; 8,450 Q3 05)
• New depositing player numbers tracking registrations
• German speaking markets show continued strong growth
• New technology has enabled greater customer differentiation and targeting
• Gaming VC does not accept wagers from residents of the USA
• Relative value of players acquired over last two quarters is on par with players acquired in previous years (€60 revenue per month per player)
   

Commenting on these results, Steve Barlow, Chief Executive of Gaming VC, said: "These results demonstrate Gaming VC’s ability to deliver strong increases in revenues as seen by the achievement of at least 2% per month revenue growth since October 2005. Our cost base remains broadly fixed with incremental revenues contributing directly to profits.

"The Group’s focus on non-US markets has led to improved awareness of Gaming VC amongst our peer group and shareholders. The Board anticipates that this financial year will deliver another strong set of results, with the creation of shareholder value a key objective for the Group.”

The full results are available to view and download in PDF format.

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