PRESS RELEASE
Preliminary Results and Q1 2010 Trading Update
19 April 2010
Gaming VC Holdings S.A. (AIM:GVC), a leading European online gaming company, today announces its preliminary results for the year ended 31 December 2009 and Q1 2010 trading update.
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The results are available to download in PDF format.
Financial Highlights
- Net Gaming Revenue ("NGR") increased 7.7% to €54.0m (2008: €50.1m)
- Clean EBITDA €17.4m (2008: €19.5m)
- Like-for-like costs €8.1m (2008: €8.4m)
- Profit before tax €13.8m (2008: €16.9m)
- Own funds at bank at €17.6m despite €3.0m initial consideration for Betboo and €12.4m paid in dividends during the year
- Non-CasinoClub business now generating 45% of NGR (2008: 27%) and 25% of contribution (2008: 7.5%)
- Basic earnings per share of €0.432 (2008: €0.531)
- Intended special dividend of €0.50 per share
Operational Highlights
- Acquisition of Betboo, a leading South American online sports and gaming business
- Continued diversification outside of Germany
- Proposed redomiciliation to the Isle of Man
- Betaland moved into profitability
Q1 2010 Highlights
- NGR of €14.8m (Q1 2009: €14.9m)
- Non-CasinoClub NGR €7.7m (Q1 2009: €6.8m), representing 52% of total NGR (2008: 46%)
- Total sports bets 1.7m (Q1 2009: 1.3m)
- Total wagers in sports of €16.0m (Q1 2009: €16.3m) in line with expectations
- Gross win margin from Betaland sports 15.0% (Q1 2009: 23.4%)
- Appointment of key industry management, Jon Salmon and Jim Humberstone
Commenting on the results, Kenneth Alexander, Chief Executive of Gaming VC said:
"Despite difficult trading conditions throughout 2009, Gaming VC has continued to deliver on its strategic growth strategy, offering enhanced products, diversifying geographically and expanding the business outside of Germany. The Group's acquisition of South American gaming company Betboo in the year is part of this strategy.
"I have been encouraged with the Group's progress in the first quarter, in particular with the appointment of Jon Salmon and Jim Humberstone to its management team, both respected veterans in the e-gaming sector. The gaming sector continues to operate in a challenging environment, but the Group remains cautiously optimistic on current trading."
For further information:
Gaming VC Holdings S.A. |
|
| Kenneth Alexander, Chief Executive | Tel: +44 (0) 20 7398 7715 |
| Richard Cooper, Group Finance Director | www.gamingvc.com |
| Arbuthnot Securities Limited (Nominated Adviser) | |
| James Steel / Ed Gay | Tel: +44 (0) 20 7012 2000 |
Media enquiries:
Abchurch |
|
| Henry Harrison-Topham / Nick Probert | Tel: +44 (0) 20 7398 7715 |
| henry.ht@abchurch-group.com | www.abchurch-group.com |