Gaming VC Announces Results 

The European online slot machine and gaming provider Gaming VC Holdings SA, announced today its semi-annual Interim Results ending June 30. They found that their interim revenue and profits were where they expected them to be at this time, and showed that the various marketing campaigns had paid off for them. Their slot machines paid well, and performed as expected throughout the half-year, and secondary losses were anticipated. 

They were showing a gross profit of EUR 15.7 million, and an operating profit of EUR 6.8 million. Their profit before tax was EUR 6.7 million. They found that their launch of a Russian language casino is doing well, and they spent more money marketing poker than they had before. Although their September revenue was below what they had expected it to do, overall they feel they did fairly well.  

Steve Barlow, the Chief Executive of Gaming VC had this to say: “Performance in the first half of 2006 was strong; however, as we anticipated the months of July and August have showed some seasonal weakness. In addition, due to unforeseen direct mail disruptions, combined with an extremely hot summer and post World Cup weakness, our Casino business has also been further impacted. Hopes for a September recovery have not yet fully materialized and therefore we believe that the outcome of second half is likely to be affected…In order to try and overcome many of these issues, the Group has continued its investment into alternate channels, games and territories, as well as strengthening the Board and the management team. As in the past, the Group will look to return excess capital to shareholders in the form of a dividend and the Board will continue to work hard towards delivering shareholder value for the full year." 

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