Gaming VC Posts Increased Revenues
By Staff
Following failed takeover talks earlier this month, online gaming operator Gaming VC has announced its results for the previous six months showing a 20 percent increase in revenues to $37.79 million.

The Curacao-based operator specialises in online gaming for German-speaking countries and revealed that its gross margin had increased from 74 percent last year to 80 percent for the previous half of 2008.

“I am pleased with the performance of the group in the first six months of the year,” said Kenneth Alexander, Chief Executive Officer for Gaming VC.

“These results are testament to our successful strategy of strengthening the level of expertise within the group. Our German casino business remained resilient and we have diversified into new product and markets. I am confident that with the team we now have in place we can continue our growth and diversification”

For the first six months of the year, gaming VC stated that its gross profits increased by 30 percent to $30.31 million from $23.42 million while its earnings before tax grew seven percent to $15.22 million from last year’s $14.36 million. The firm instituted several strategic and operational changes late last year, resulting in profits before tax up 23 percent to $15.08 million from $12.21 million.

“Trading volumes and margins in the third quarter continue to be in line with market expectations,” said Alexander.

“With the experienced management team we now have in place, we are confident the group can continue to deliver growth in terms of profitability and expansion of the business outside of our core German casino business.”
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