The owner of the Gambling.com search engine is proposing to change its name to Media Corporation to reflect the fact that the group generates its entire operating profit from its portals and advertising businesses.
Gaming Corp has announced a 400% increase in profit after tax up to £2.5m. The company has also increased gross profits by 75 per cent to £4.7m and boosted its consolidated net assets by £2.5m to £17.3m.
In addition, Gaming Corp confirmed that it is seeking a buyer for its online and mobile gaming businesses, including the Casino.co.uk brand. The recent changes in US regulations are extremely positive for the valuation of both Casino.co.uk and the mobile gaming business since these businesses have no US customers and generate over 95% of their revenues from the UK market.
“This is an excellent set of results; profit after tax has increased 400% in one year and the business now has in excess of £5 million of cash for further expansion and acquisitions. Our media and advertising businesses have performed very strongly during 2006 and are now well placed to grow both organically and via acquisition,” commented Chief Executive Justin Drummond.
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