Today, the British sports betting and gaming group GVC Holdings Plc announced the Interim Results for its fiscal year’s first half, ended at the end of June 2016.
The Chief Executive Officer of the company Kenneth Alexander commented on the group’s performance over the period, saying that he was very pleased by the strong growth posted by the operator for another period. He shared that the excellent team of the company, together with the unique technologies used and a lot of hard work managed to make great achievements in a short period of time.
Mr. Alexander also reminded that GVC was operating in a highly-competitive environment, and shared that the tighter regulation and increased taxes took their toll, but the Group remained strong for another period and faced the challenges. In addition, he expressed his belief in the potential of GVC Holdings to generate further growth greater than the one initially predicted at the time of the acquisition of bwin.party.
According to the figures presented in the Interim Report, GVC Holding’s pro forma Net Gaming Revenue (NGR) increased by 8% and reached €441.8 million in comparison to last year’s result of €408.4 million. There was also a 12% growth in the NGR in constant currency.
The clean earnings before interest, taxes, depreciation and amortisation (EBITDA) was estimated to €91.2 million, while in 2015 it amounted to €25.5 million. The company announced a 42% growth in the pro forma clean EBITDA from €73.5 million to €104.4 million. There was also a massive increase in the company’s reported adjusted Profit before Tax (PBT) from €21.8 million last year to €51.3 million.
Significant operational and strategic growth of the company’s operations over the first six months of the current fiscal year was announced n the Chief Executive’s report. In addition, the company shared that the integration of bwin.party, which was acquired on Fabruary 1st 2016, is going according to plan and is expected to be fully completed at the beginning of 2017.
Great strategic progress was also posted, after the group managed to carry out a series of major strategic objectives over the year so far. The company announced that both the GVC and bwin.party brands have delivered pro forma growth over the first six months of the fiscal year. In addition, it has managed to carry out its biggest business-to-business deal to date, inking a partnership agreement with one of the leading and most popular sports betting companies in the UK – Betfred.
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Olivia Cole
