13th Jul 2016 08:05
LONDON (Alliance News) - GVC Holdings PLC on Wednesday reported growth in net gaming revenue in the first half of 2016, boosted by its acquisition of bwin.party and the Euro football tournament, and said the result of the EU referendum will have little or no impact on its operations.
The e-gaming operator said net gaming revenue in the first half more than trebled to EUR388 million from EUR120 million in the first half of 2015, as the positive performance reported in the first quarter continued into the second quarter, with an acceleration of underlying NGR per day growth.
GVC said it benefited from an above-average sports margin in the second quarter, of 9.9% against 7.9% in the second quarter of 2015, with particularly favourable results during the first half of the Euro football championship.
First-half performance also was boosted by the acquisition of bwin.party in February, the integration of which GVC said is progressing in line with expectations and remains on track to secure EUR125 million of synergies by the end of 2017.
GVC added that the EU referendum result will have little or no material impact on the company's operations, with over 90% of the customer base outside the UK, while operating multiple brands and product verticals.
"The board is confident that this diversity gives the group significant flexibility to face any potential long-term challenges that may arise from the UK's decision to leave the EU," GVC said in a statement.
"The restructuring of the enlarged group is progressing well with synergy targets being achieved, accompanied by strong underlying growth. We are very encouraged by the positive performance to date, however, it is still early days and there is much work to be done, nevertheless, the board remains confident for the remainder of 2016," Chief Executive Kenneth Alexander said.
GVC will announce its interim results on September 20.
Shares in GVC were trading up 2.4% at 628.50 pence on Wednesday morning.
By Karolina Kaminska; [email protected] @KarolinaAllNews
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