Half year results from Gaming VC

Online gambling group Gaming VC Holdings S.A., has released its interim results for the six months ended 30 June 2009.
Financial highlights included:
* Net Gaming Revenue Euro 26.5 million, up 10 percent on H2-08 and Euro 400 000 on H1-08
* Gross profits increased 4.4 percent to Euro 22.0 million (H1-08: Euro 21.1 million)
* Clean EBITDA up to Euro 8.9 million from Euro 8.7 million in H2-0
* Net cash resources increased to Euro 20.8 million, equivalent to approximately 60p per share
The company reported third quarter 2009 highlights that included:
* Entered South American market with acquisition of betboo.com for Euro 3 million
* Proposed redomiciliation of the group from Luxembourg to the Isle of Man
Commenting on the results, Kenneth Alexander, Chief Executive of Gaming VC, said: “I am pleased to report that, despite the challenging economic conditions, we have achieved a strong set of interim results including improvements in both Net Gaming Revenue and gross profit compared to the same period last year, and more importantly to the second-half of 2008.
“Our strategy of geographic diversification continues and has been underpinned by our move into South America through the completion of our acquisition of betboo.com. I am encouraged with current trading in the third quarter and remain confident about our prospects for the second half of the year.”

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