GVC group interim details strong progress
News on 14 Sep 2017
News on 14 Sep 2017
Online gambling group GVC Holdings plc has released its interim results for the six months ended 30 June 2017, highlikghting:
* NGR up 10 percent at Euro 486.2 million (+12 percent in constant currency) vs pro forma H1 2016;
* Clean EBITDA of Euro 133.9 million, up 28 percent vs pro forma H1 2016 (Euro 104.4 million);
* Adjusted profit before tax of Euro 101.9 million, up 99 percent vs H1 2016 (Euro 51.3 million)
* Statutory loss before tax reduced at Euro 6.6 million (H1 2016 loss Euro 86.1 million);
* Interim dividend 16.5 Euroi/c per share
* Long-term refinancing secured
* Net debt as at 30 June 2017 Euro 150.7 million;
Operational highlights:
* Sports Brands gross win margin 9.8 percent (9.1 percent pro forma H1 2016);
* Sports Brands NGR up 11 percent (+13 percent constant currency) vs pro forma H1 2016;
* Games Brands NGR up 8 percent (+10 percent constant currency) vs pro forma H1 2016;
* On target to achieve Euro 125 million synergy run rate by end of 2017;
* Disposal of Kalixa Group for Euro 29 million completed May 2017 and up to Euro 2.6 million in deferred consideration;
Current Trading (Q3 for period up to 10 September):
* Daily Group NGR up 12 percent (+15 percent constant currency);
* Underlying daily NGR up 20 percent (+23 percent constant currency);
Board now expects Clean EBITDA for the current year to be comfortably ahead of analysts consensus;
CEO Kenneth Alexander reported:
“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 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.”
