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Annual Report & Accounts 2007 - Chairman's Statement
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CHAIRMAN’S STATEMENT 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 Chairman 22 April 2008 2