GVC revenues up 12% for H1 due to strong sports performance
Operator’s half year results ahead of analyst forecasts as EBITDA rises 28%
GVC Holdings has announced a 12%cc year-on-year increase in net gaming revenues to €486.2m for H1 primarily driven by its sports brands.
Clean EBITDA was up 28% pro forma to €134m from €91m in the same period in 2016.
GVC’s sports brands reported NGR up 11% to €355m according to analysts, with margins at a healthy gross win margin of 9.8%.
NGR of the operator’s gaming brands, including PartyPoker and Foxy Bingo, rose 8% to €112m and the board said it expects clean EBITDA for FY17 to be “comfortably ahead” of analysts’ predictions.
Kenny Alexander, CEO of GVC Holdings
GVC CEO Kenny Alexander said: “I am delighted with the strong progress across the Group, which has continued to exceed our expectations since last year’s acquisition of bwin.party.
“A combination of high quality talent, proprietary technology and proven brands are key components in driving the business forward.
“Scale and geographic diversification are increasingly important as the regulatory environment evolves and competition increases.
“The strong performance of the business together with the smooth integration of bwin.party continues to present exciting organic growth opportunities.
“In addition, given its proven track record of creating shareholder value, GVC remains well positioned to continue to play a pivotal role in the industry’s consolidation, should the right opportunities arise.”
Following the H1 results, the firm’s share price was up almost 4% to 831p.