11/07/2008
Gaming VC, the high-yielding European online gamer, has issued an uplifting update on its ‘key performance indicators’ and remains in takeover talks.
The company says it traded ‘slightly ahead’ of its expectations in the six months to June, mostly thanks to the steadfast performance of the German internet casino business. Its smaller poker and sport-betting businesses grew even faster, with daily revenues up 46 per cent and 117 per cent respectively.
This boosted total revenues 15 per cent over the same period last year and 23 per cent over the second half of last year, in a period where casino and poker business was expected to be held back by interest in the Euro 2008 football tournament.
Full-year figures in April contained record profitability, with €17.3m (£13.8m) delivered before tax and exceptionals on net revenues of €42.7m. A final dividend of 20c (16p) was paid to shareholders as well, giving a total for the year of 40c, which means the company yields a hearty 34.6%.
Management also reminded investors that discussions with an unnamed third party about a possible takeover of the company, as initiated in April, are still continuing.
The shares, which collapsed from over 650p three years ago to below 100p after the German laws were passed that posed a potential conflict with EU gaming legislation and undermined confidence in the company. They are worth holding at current levels.
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