PRESS RELEASE
Preliminary Results and Q1 2009 Trading Update
21 April 2009
Gaming VC (AIM:GVC), a leading European online gaming company, today announces its preliminary results for the year ended 31 December 2008 and Q1 2009 trading update.
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Financial Highlights
- Net Gaming Revenue ("NGR") up 17.5% to €50.1m (2007: €42.6m)
- Gross profits up 22.5% to €40.9m (2007: €33.4m)
- Non-German business now generating 31% of contribution (2007: 21%)
- Operating profit increased to €16.4m (2007: €16.2m)
- Profit before tax rose to €16.9m (2007: €16.6m)
- Basic earnings per share of €0.531 (2007: €0.534)
- Proposed final dividend of €0.20 per share
- Cash at bank (net of customer balances) as at 31 December 2008 of €17.5m and €24m 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
- 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.
Q1 2009 Highlights
- NGR up 12% to €14.9m (Q1 2008: €13.3m), 26% up on Q4 2008
- Non-German NGR €8.4m, representing 56% of total NGR
- Total wagers in sports of €16.3m (Q1 2008: €11.2m) an increase of 46%
- Gross win margin from sports 23% (Q1 2008: 16%)
Commenting on the results, Kenneth Alexander, Chief Executive of Gaming VC:
"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."
For further information:
| Gaming VC Holdings S.A. | |
| Kenneth Alexander, Chief Executive Officer | Tel: +44 (0) 20 7398 7715 |
| Richard Cooper, Financial Director | www.gamingvc.com |
| Arbuthnot Securities Limited | Tel: +44 (0) 20 7012 2000 |
| James Steel/ Katie Shelton, Corporate Finance |
Media enquiries:
| Abchurch | |
| Henry Harrison-Topham / Stephanie Cuthbert / Nick Probert | Tel: +44 (0) 20 7398 7715 |
| henry.ht@abchurch-group.com | www.abchurch-group.com |