UC GROUP PROSPECTS BETTER IN 2010
8 January 2010
Company spent $1.48 million on US political
lobbying
The UK newspaper The Daily Telegraph reports that
pre-tax profits at UC Group fell to GBP 218 221 in 2008,
down from GBP 2.42 million a year earlier following a 30
percent fall in revenues. But prospects for 2010 are
looking a little more promising.
UC Group
specialises in providing gaming companies with online
payment services such as anti-money laundering measures
and the group's profits were skewed last year by its
decision to pull out of business outside of that core
market, as well as sizeable asset write-backs in 2007,
the newspaper reports.
The company has been
active in US political lobbying on behalf of the online
gambling industry, and according to US government
records spent $1.48 million in 2009 promoting a
liberalisation of gambling legislation.
UC Group
acts for 10 gaming companies, offering back-office and
anti-money laundering operations and hopes to profit
from any opening of the US market. The group has worked
to promote Senator Barney Frank's efforts to overturn
the ban on online gaming in the US.
"The USA
remains core to our ambitions and every effort is being
made to harness the potential commercial opportunity
this will present," CEO Kobus Paulsen said recently.
Former Labour government minister David Blunkett
joined the company in January 2009 and UC Group will
hope his influence will help boost its financial
performance, the newspaper observes.
UC's chief
executive said in a recent note to shareholders in the
company's annual report that core profits had risen 39
percent on the back of a 24 percent increase in the
number of transactions processed. He forecast the same
rate of growth in 2009 and said the company was in
discussion about "various acquisitions".
Online Casino News Courtesy of
Infopowa
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