21st May 2015 06:53
LONDON (Alliance News) - Bwin.Party Digital Entertainment PLC on Thursday said its revenue in the first quarter to the end of March was down, as the online gaming operator said it expects takeover talks with its various suitors to complete in the next few weeks.
FTSE 250-listed Bwin.Party said its total revenue in the first quarter was EUR155.3 million, down 6% year-on-year against EUR165.7 million but up 6% on the fourth quarter of 2014.
The group said its cost savings plans are on track and said its non-core asset disposal programme is on course to generate EUR30-50 million in proceeds this year, in line with its previous guidance.
The group said its current trading in the year to date is robust, with revenue up 6% year-on-year on the back of a 25% rise in sports betting volume, and said it is on track to meet its full year targets.
Bwin.Party also said it expects talks with potential buyers to complete in coming weeks. Earlier this week, 888 Holdings PLC entered the race to acquire Bwin.Party, going into competition with AIM-listed GVC Holdings PLC, the bid from which is being backed by Canadian gaming and gambling company Amaya Inc.
By Sam Unsted; [email protected]; @SamUAtAlliance
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