5th Jul 2007 07:00
Gaming VC Holdings S.A.05 July 2007 Press Release 5 July 2007 Gaming VC Holdings S.A. ("Gaming VC" or "the Company") Pre-Close Trading Update Trading update Gaming VC, a leading European online gaming provider, today announces thefollowing trading update for the six month period to 30 June 2007. The Company is pleased to announce that trading in the first six months has beenpositive such that results for the full year to 31 December 2007 are expected tobe ahead of market expectations. The revenue from the Casino has been in-line with expectations. The statedstrategy to move away from direct mail campaigning to tailored on-line marketingin the areas of retention and recruitment has, in the last two months, shown areduction in distribution costs with no apparent adverse impact on recruitmentlevels or revenues. If this continues over the quieter summer months, the Boardis confident that the core German business should deliver 2007 performance aheadof current market expectations. New registrations for the six months to 30 June 2007 were 53,200 compared to26,900 for the six month period to 30 June 2006, a 98% increase. 16,860 newdepositing customers were recorded in the six month period compared to 12,760 inthe same period of 2006, a 32% increase. Unaudited net revenue in the six monthperiod was €22.0 million, 4.3% ahead of net revenue of €21.1 million for the sixmonth period to 30 June 2006. Software licence Gaming VC is pleased to announce that the existing software licence agreementwith Boss Media AB has been renegotiated for German speaking markets and willprovide annualized cost savings of over €2 million on current activity levels.This agreement will allow Gaming VC to use alternative software suppliers whereappropriate outside German speaking markets. Gaming licence The Company expects to have Maltese gaming licence approvals in the thirdquarter of 2007 and to have concluded the acquisition of an Italian sportsbookand horse racing license before the commencement of the 2007/8 Italian footballseason in August 2007. Commenting on the performance for the six months to 30 June 2007, KennethAlexander, Chief Executive of Gaming VC, said: "I am encouraged by both theimprovements in marketing efficiencies in the areas of retention and recruitmentand the cost savings achieved in marketing and software licences. I expect thefull benefits of these actions to be seen in the second half of the year. Inaddition, I look forward to the launching of the Italian sportsbook operation inAugust 2007." - Ends - For further information:Gaming VC Holdings S.A.Kenneth Alexander, Chief Executive Tel: +44 (0) 20 7398 7700 www.gamingvc.comCollins Stewart Europe LimitedChris Wells/Mark Connelly Tel: +44 (0) 20 7523 8350 Media enquiries:AbchurchChris Lane / Franziska Boehnke / Hugo Jenkins Tel: +44 (0) 20 7398 [email protected] www.abchurch-group.com Notes to editors Gaming VC is a leading provider of casino, poker and skill games in European markets. The Group is headquartered in Luxemburg and licensed in Curacao, Netherlands Antilles. In December 2004, Gaming VC's shares were admitted to the AIM market of the London Stock Exchange. Gaming VC's management team has a wealth of experience in the gaming industryand has a significant track record in successfully identifying and penetratingnew markets. The Group is focussed on delivering an innovative product offeringand is dedicated to providing sophisticated Customer Relationship Management(CRM) to ensure high levels of customer satisfaction. With websites in 18languages, Gaming VC can offer its customers play and customer support 24 hoursa day, seven days a week. Gaming VC's offering includes traditional casino products such as roulette and blackjack, and a variety of poker games. Gaming VC uses Internet marketing and affiliate networks for customer acquisition as well as direct mail as a tool for customer retention purposes. Gaming VC has no and has never had any operations in the US. Further information on the Company is available at www.gamingvc.com. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
GVC.L