Gaming VC KPIs: Germany battle hardened punters gamble on
Gaming VC (GVC) provided an upbeat set of KPIs today. Shares were up in early trades.
No more news on the rumoured management buyout supported by a large institution (all rumours). Progress on this is slower than expected - perhaps some credit crunch related issues are kicking in here.
The good news on German numbers may in part be a result of the German legislation (ironically). Without advertising the incumbents (that include GVC) are not subject to the competitive pressures that the big boys could exert. GVC are big in Germany and word of mouth and a good reputation (via their magazine) may well keep them there.
GVC remain on a remarkably low rating with a massive yield of over 20%. Still a strong buy in my opinion and with a takeover bonus on the horizon.
Back to the news:
Gaming VC says H1 revenues up 15 pct [ADVFN]
LONDON (Thomson Financial) - Gaming VC Holdings S.A. said first-half
revenues rose 15 percent year-on-year amid trading that slightly beat its
expectations.
The European online gaming company attributed the improvement in the six
months to June 30 to its resilience in the German casino business. It also said
it recruited 13 percent more funded accounts during the period.
Compared to the second half of 2007, revenue is 23 percent higher and there
have been 5 percent more funded accounts recruited.
"I am confident that growth will continue as we diversify our services and
expand our reach into new international territories," said chief executive
Kenneth Alexander.
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