GVC expects revenue growth in 2017 after record Q4

on . Posted in General News

GVC to implement €120m savings on bwin party, marketing to be refocusedGVC Holdings has forecast a 13% year-on-year increase in net gaming revenue for 2017 after a record performance in the fourth quarter.

In a trading update, GVC said NGR should amount to just over €1bn ($1.19bn) in the 12 months through to December 31, 2017, while underlying NGR growth is set to increase 18% year-on-year.

Clean earnings before interest, tax, depreciation and amortisation is also set to come in at the top end of managements expectations.

The expected growth comes after a record fourth quarter for GVC, during which NGR amounted to €279.5m, the largest quarterly figure since the acquisition of bwin.party in February 2016.

Underlying NGR in Q4 also climbed 31%, which is again the biggest rise since the bwin.party deal.

The update comes after GVC last month agreed terms to acquire Ladbrokes Coral in a deal worth up to £4bn.

Kenneth Alexander, chief executive of GVC, said: “I’m delighted to report another strong year for the group with underlying NGR growth of 18%, reflecting the strength of our brands, technology and the hard work of our talented people.

“We have once again demonstrated our ability to integrate significant acquisitions, realise material synergies and at the same time deliver top line growth.

“The recommended transaction with Ladbrokes Coral Group presents an exciting opportunity for both sets of shareholders, creating a global gaming group with a portfolio of strong brands across all major regulated online markets, together with proprietary technology and proven management.”

source : www.igamingbusiness.com

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