effective integrations see enlarged gvc post solid h1 2017 performanceby Joker 14.09.2017 0 comments
Presenting its H1 2017 interim results (period ending 30 June), FTSE-listed GVC Holdings has detailed strong progress across its digital assets as the company continues to integrate and align its enlarged operations.
Detailing strong KPI gains across its sports betting and online casino divisions, GVC would record a 25% increase in group net gaming revenues to €486 million (H1 2016: €390 million).
Its strong ‘revenue momentum’, would see GVC declare a period corporate clean EBITDA of €133 million up 47% on corresponding 2016’s €91 million.
Still integrating its bwin.party Entertainment assets, GVC governance would declare group statutory pretax losses of – €6.6 million (H1 2016: – €86 million). As of 30 June, GVC states that its current corporate net-debt stands at circa €150 million.
Updating investors, GVC governance further stated that the company was on track to deliver its €125 million corporate synergies target.
Kenneth Alexander Chief Executive GVC Holdings commented on H1 2017 performance:
“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.”