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Tough Times for VC Gaming
 April 18, 2007, 10:29 pm (4 years ago)VC Gaming, an online gambling AIM listed company, has now released its latest full year results with pre tax losses of EURO twenty eight point eight million which results in showing just how tough the market has become in countries like Germany, where the firm has been mainly focused. Over the same exact period last year a profit of EURO twelve point eight million was achieved.
Kenny Alexander, a newly appointed CEO, has been in the hot seat since March 1st, 2007, says that the company’s diversification is away from its core German market will be a key objective in the year ahead after its full year results showed the actual impact of what is known as goodwill impairment due to the continued unclear regulatory situation in Germany.
After the actual occurrence of one off charge, Gaming VC has saw a pre tax loss of EURO twenty eight point eight million. The turnover actually rose up slightly to EURO forty million while they were operating profit before exceptional items and share option charges was also down by a slight hair at EURO thirteen point five million from a previous thirteen point nine million.
In the year ahead, product diversification is also another objective, and there are plans in place to acquire an Italian sports book license which will take place hopefully within the next quarter. There are also other additions to the product that will include both bingo and also tournament poker. The company also stated that it is working on a change in the marketing channels from mostly direct mail marketing in Germany to online marketing as well.
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