Last week a court in Malta ruled that an injunction prohibiting Boss Media from terminating its contract with GVC until further notice, which basically means until the court gets it shit together. It’s getting messy, GVC will continue its intellectual property litigation against the Boss Media software provider and this battle will heat up next month when court proceedings resume.
In the meantime GVC has released its 2010 figures for the half year and is reporting that it is planning on launching a new sportsbook in quarter 4. Big plans… For GVC, business isn’t great, huge operating costs have seriously hampered profits, but they have enough to be optimistic about. Their operations in South America continue to pay dividends, as most people thought they would considering how ripe the market is in that region. And despite the economic downturn in most of the world, GVC has managed to increase their Net Gaming Revenue by 8%.
Included in the company’s financial highlights: 10c per share dividend scheduled for late October, in addition, planning is now at an advanced stage for a new multi-lingual sports book launch in Q4/2010 and the group had cash in hand of €6.1 million in the third week of September. But it hasn’t been all gravy, Casino Club revenues were down 9% to €13.7 million and the average hold was down at 12.8% (H1/2009: €16.3 million). You have to wonder what kind of tab this court battle with Boss Media is running GVC…
