28/09/2007
Gaming VC, the online gaming business focused on the German-speaking world, saw its shares jump 12 per cent last week following the announcement of a five per cent lift in the already substantial interim dividend. This took the half-year payout to 13p a share. Gaming VC paid a similar amount for the final dividend last year – so, even after last week’s jump, the shares offer a mammoth yield of 17 per cent. That reflects both past disappointments and the threat to GVC’s German business from the new State Treaty, which attempts to extend the state’s monopoly of gambling until 2011 – in direct contravention of community law.
Gaming VC is looking to diversify – into Italy and Malta – but its fortunes will be made or broken in Germany. A shift in strategy from direct mail to online marketing appears to be having a positive impact with a significant rise in first-half customer registrations. Together with cost reduction moves, this bodes well for the second half. Up from a February recommendation level of 93p to 152p now, the shares remain a firm hold.
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| AIM | £36.58m |
117.50p
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