17th Jan 2020 08:08
(Alliance News) - GVC Holdings PLC on Friday said annual adjusted earnings will be at the top end of the upgraded guidance amid strong growth in online net gaming revenue.
The sports betting and gaming group expects 2019 earnings before interest, taxes, depreciation and amortisation to be at top end of its GBP670 million to GBP680 million guidance following a 13% growth in online net gaming revenue, with Sports division recording 16% and Gaming posting 13% growth.
In 2018, GVC reported underlying Ebitda of GBP640.8 million.
Trends in UK retail business remained ahead of initial guidance with like-for-like net gaming revenue declining 12%, GVC said, adding that European retail net gaming revenue saw 4% growth in 2019.
GVC's overall net gaming revenue for the year was 2% higher than the year before.
Chief Executive Kenneth Alexander said it was an "excellent" performance in 2019, with momentum in the third quarter continuing into the fourth."
For the fourth-quarter to December-end, GVC saw 9% growth in total online net gaming revenue, with Sports unit posting 12% growth and Gaming recording 8%.
Like-for-like net gaming revenue in the UK division fell 11%, while Europe saw a 5% growth. Overall net gaming revenue for the quarter was flat on the year before.
Isle of Man-based GVC Holdings is scheduled to release its 2019 results on March 5.
By Tapan Panchal; [email protected]
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