Online providers GVC Holdings have announced increased revenues alongside a drop in profits for the first half of 2013.
The firm’s interim results for the six months ended 30 June 2013 show a year-on-year revenue rise of 144% to €72.3m, while clean EBITDA was up 132% to €17.8m.
However company profits before tax were down 82% to €1.1m, with profits after tax decreasing to €0.8m, although there were mitigating circumstances in the form of costs associated with the acquisition and restructuring of the Sportingbet business purchased in March.
Previously a heavily loss-making business with net current liabilities of €47m, Sportingbet’s costs have been reduced and revenues increased to help the firm reach profitability.
The restructuring process is scheduled to complete in December, six months ahead of schedule.
GVC Holdings CEO Kenneth Alexander said: “The Board is pleased to report another period of solid growth, increased profitability and a further dividend for our shareholders.
“In the first half of 2013, we completed our acquisition of Sportingbet PLC and have since been working hard to turn around this business and integrate it into the group.
“The execution of our strategic plan to restructure and return this business to profitability is near completion and has gone far better than expected.”
