Online gambling group GVC Holdings has announced a 24% year-on-year rise in its net gaming revenues for the fourth quarter of 2017.
Issuing its trading update for Q4 2017, the company reported total net gaming revenues of €2.28bn, beating total net gaming revenues for the same period of 2016, which were €1.84bn.
Drilling down further into these figures, net gaming revenues from sports jumped 35% year-on-year from €894m during the fourth quarter of 2016 to €1.2bn.
Net gaming revenues from gaming and other gambling-related divisions in the group increased 14% year-on-year to €1.07bn during Q4 2017 from its previous quarter four 2016 total of €949m.
Overall group net gaming revenues increased year-on-year by 21% to €279.5m, the biggest rise in net gaming revenues since the group's acquisition of bwin party in February 2016. GVC Holdings has confirmed that its clean EBITDA is ‘expected to be at the top end of management’s internal expectations’.
Reflecting on the group's positive results, GVC Holdings CEO Kenneth Alexander 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.”
It has been a busy period for GVC Holdings: In November the company divested itself of its Turkish operations in a €150m deal. In December the company followed this divestment by launching a $3.4bn takeover bid for the Ladbrokes Coral group.
Addressing the proposed merger, Alexander added: “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.”
The company will present its full-year 2017 results and earnings figures on the 24 March.
DISCUSS THIS ARTICLE