I am pleased to present the 2007 full year results for Gaming VC which demonstrate strong growth and
are in line with expectations.
Over the last year, the Group has successfully implemented the important strategic and operational
objectives as set out in Gaming VC’s 2006 results by the then newly appointed Chief Executive,
Kenneth Alexander, including:
. Reducing the risk from potential German legislative issues;
. Improving the pro˘tability of the German business;
. Diversifying into other territories and into other products and
. Strengthening the level of expertise within the business.
The outcome of carefully following these strategies is record pro˘tability for the Group. The ˘nancial
results for the year ended 31 December 2007 show an operating pro˘t before exceptional items and
share option charges of C17.3 million (2006: C13.5 million), an increase of 28 per cent.
I believe that the current dividend policy remains appropriate for the Group. The core business is cash
generative and not capital intensive, and we will continue to return excess cash Łow to shareholders as
appropriate. The Board is recommending a ˘nal dividend of C0.20 (c. »0.16) giving a total distribution
of C0.40 (c. »0.29) for the current ˘nancial year (2006: C0.384 and 0.26). This ˘nal dividend will be
paid on 30 May 2008 to all shareholders of record at the close of business on 9 May 2008.
To reduce risk from potential legislative issues in Europe the majority of our business including all of our
German Operations now operates under our Maltese licence. We look forward to a resolution of the
regulatory debate within the EU.
We are pleased with the results for the ˘rst quarter of 2008 and are con˘dent that we will continue to
build on the strong momentum created in 2007.
Adrian J. R. Smith
22 April 2008