Online gambling group Gaming VC Holdings S.A., has released generally positive interim results for the six months ended 30 June 2009.
Financial highlights included:
- Net Gaming Revenue €26.5 million, up 10% on H2-08 and €400,000 on H1-08
- Gross profits increased 4.4% to €22.0 million (H1-08: €21.1 million)
- Clean EBITDA up to €8.9 million from €8.7 million in H2-0
- Net cash resources increased to €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 €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."
Source: InfoPowa News