Online gaming goliath, GVC Holdings, has reported a 17% year-on-year rise in its net gaming revenue for the twelve months leading up to the end of 2017.
In its full financial filing for the year, the company revealed net gaming revenues of to €925.6m ($1.14bn) beating the €794.3m that the company accrued during 2016.
Full-year revenue grew by 16% on a pro forma basis from a 2016 figure of €772.9m, to a 2017 high of €896.1m. Whilst clean EBITDA registered solid growth of 40% year-on-year rising to €239.5m from a previous 2016 pro forma total of €170.5m.
Adjusted profits before tax grew by a colossal 182% year-on-year during 2017, rising to €178.7m with net debts being reduced from a 2016 total of €121.1m down to €108.6m.
Drilling down into individual divisions, net gaming revenues from sports brands rose 20% when compared to 2016s pro forma figures, with net gaming revenues from gaming brands within the group rising by 12% during 2017.
In a statement released with the results, Kenneth Alexander, GVC Holdings CEO said: “GVC achieved a significant amount in 2017 and as these numbers demonstrate, we have delivered material value from the bwin.party acquisition.
“It is particularly pleasing that we have been able to produce such strong results at the same time as completing the integration of bwin.party and continuing to enhance our product offering.”
The positive figures come a day after attendees to a special annual general meeting of GVC Holdings shareholders overwhelmingly voted in favour of approving the proposed takeover of Ladbrokes Coral, with their opposite numbers at Ladbrokes Coral also giving their approval to the acquisition.
Referencing this and the company’s acquisition strategy, Alexander added: “Our core markets offer attractive growth prospects but we also recognise the opportunity presented by our proprietary technology to create significant synergies through M & A. The importance of geographic diversification is also a key dynamic given the evolving regulatory backdrop.
“Thus the acquisition of Ladbrokes Coral Group represents an exciting opportunity, bringing together industry leading online and retail brands. There will be plenty of hard work ahead, but we are confident that GVC will deliver once again.”
