Impressive performance from GVC Holdings in 2017
News on 9 Mar 2018
News on 9 Mar 2018
Online gambling group GVC Holdings plc has posted its audited results for the year ended 31 December 2017, highlighting the following:
* NGR up 17 percent y-o-y to Euro 925.6 million;
* Clean EBITDA up 40 percent at Euro 239.5 million;
* Adjusted profit before tax up 182 percent to Euro 178.7 million;
* Adjusted EPS Euro 0.56 (2016: Euro 0.19);
* Second interim dividend Euro 0.175, giving full year €0.34 (up 13 percent vs 2016);
* Net debt Euro 108.8 million – down from Euro 126.1 million lst year);
Operational highlights
* Sports Brands NGR up 20 percent vs pro forma 2016, driven by strong sports and gaming;
* Games Brands NGR up 12 percent, driven by investment in PartyPoker and positive performance from casino brands;
* Platform migration of all key territories now complete;
* Significant product development and enhancements released in 2017 and more to come in 2018;
* Disposal of Headlong and associated Turkish facing businesses;
Update and Current Trading (Q1 for period up to 4 March)
* GVC and Ladbrokes Coral shareholders overwhelmingly approve acquisition;
* Strong start to 2018 with NGR up 16 percent (up 18 percent in constant currency) up to 4 March 2018;
* Acquisition post period end of 51 pecent of Mars LLC (‘Crystalbet’) in Republic of Georgia;
* Board’s expectations for the full year remain unchanged.
Chief executive officer Kenneth Alexander, reported:
“GVC achieved a significant amount in 2017 and as these numbers demonstrate, we have delivered material value from the bwin.party acquisition. It is particularly pleasing that we have been able to produce such strong results at the same time as completing the integration of bwin.party and continuing to enhance our product offering.
“Our core markets offer attractive growth prospects but we also recognise the opportunity presented by our proprietary technology to create significant synergies through M & A. The importance of geographic diversification is also a key dynamic given the evolving regulatory backdrop. Thus the acquisition of Ladbrokes Coral Group represents an exciting opportunity, bringing together industry leading online and retail brands. There will be plenty of hard work ahead, but we are confident that GVC will deliver once again.”
