Gaming VC 2009 results; to make special IoM dividend
Gaming VC has revealed its end of year figures, showing net gaming revenue for 2009 up 7% to 53.7m, and has told investors that the company is to issue a special tax-free dividend following the group's redomiciliation to the Isle of Man later this year...
GAMING VC has revealed its end of year figures, showing net gaming revenue for 2009 up 7% to 53.7m, and has told investors that the company is to issue a special dividend.
The revenue, up from 50.1m the year before, was driven by a 38% surge in takings from the company’s small sportsbook to 8.7m, from 6.3m in 2008, which boosted more moderate revenue growth in gaming, which rose 3% to hit 45m, from 43.8m.
Following Gaming VC’s proposed redomiciliation to the Isle of Man, the group expects to declare a special dividend in lieu of its normal 2009 final dividend of not less than 0.50 cents per share. The company has already paid an interim dividend 0.20 cents per share.
Isle of Man tax law will mean that the dividend should attract no withholding tax, as opposed to the current rate of 15% deductable on dividends paid by the Group’s current Luxembourg holding company. It is expected to be paid in late may 2010, the traditional payment date for final dividends.
Chief executive Kenneth Alexander (pictured) said: “We acknowledge the importance that investors attach to their income and are committed to paying dividends. The Board believes that its increased marketing investment and growth plans offer shareholders the best opportunity to protect and enhance their longer-term income while the expected Special Dividend should offset the short-term impact of these plans.”
Alexander was referring to Gaming VC’s announcement today that it has hired former PartyGaming marketing chief Jon Salmon and former Sportingbet head of sportsbook Jim Humberstone to launch a 7m marketing push in Europe.
Total average daily revenues in 2009 were 142k, with 118 from gaming and 24k from sports.
The margin on the sports book for 2009 was 15.8%, up from 11.4% the year before. Revenues from Betboo, the Brazilian operator Gaming VC bought in July, averaged 12k per day from 2 July to 31 December 2009.