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24/7 Gaming Group (VLOX)

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Friday 17 January, 2014

24/7 Gaming Group

Update

RNS Number : 8885X
24/7 Gaming Group Holdings PLC
17 January 2014
 



24/7 Gaming Group Holdings Plc

(the "Company" or "24/7")

 

Update

 

The Company announces that in the light of the Group's trading results, the Directors are seeking additional funding to strengthen working capital.

 

It is the Board's intention to increase the Group's investment in HTML 5 platforms.

Additionally the Board is in the process of recruiting more direct customer marketing expertise in order to bring both greater control and better returns from this expenditure.

 

Whilst Gross Gaming Revenue almost doubled in each quarter in 2013, the Directors consider that the gaming return from the direct marketing spend was unsatisfactory and recent changes indicate that a better return can and should be achieved. Enhancements are also being made to the branding of the Group's products including the recently completed acquisition of the 247 Casino domain name.

 

At the same time, reductions are being addressed for the cost base of the Group for 2014 including numbers of employees and levels and methods of remuneration. Further details of the restructuring and consequent cost reductions will be announced shortly.

 

The Board considers that these changes will improve the revenue and efficiency of the Group and that it will allow the Group to take advantage of the continuing growth in online and mobile gaming.

 

For further information please contact:

 

24/7 Gaming Group

+31 (0)20 676 03 04

Rogier Smit, CEO


Marcel Noordeloos, CFO




Newgate Threadneedle

+44 (0)207 653 9850

Graham Herring


Adam Lloyd

Robyn McConnachie

 

 

 

Westhouse Securities


Antonio Bossi

Paul Gillam

 

+44 (0)20 7601 6100


 

 

 

About 24/7

 

24/7 Gaming Group Holdings Plc specialises in providing gaming entertainment on various platforms. The group's approach is to provide players with a personal and direct experience. This interaction with players is realised by applying a combination of new technologies. Technology is also the driver in the Group's efficiency in attracting new players and pursuing player satisfaction.


This information is provided by RNS
The company news service from the London Stock Exchange
 
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