Strong Q1 digital growth for GVC but UK retail growth flat
GVC Holdings has reported Q1 financial results consistent with its full-year 2018 update, as total pro forma net gaming revenue (NGR) rose 8% year-on-year for the online operator.
The organisation, which owns Ladbrokes Coral, Bwin, Neds International and several other brands, did not report exact revenue figures, only disclosing percentages.
Once again, online NGR was high, showing a 17% growth, while UK retail like-for-like revenue was flat both for gaming and sports wagering.
European retail NGR did rise 2%, however, while the overall 8% NGR growth rate is exactly the same as GVC reported in its full-year update last month.
CEO Kenny Alexander said: “This trading update reflects a continuation of the strong trends reported on 5 March 2019 and represents an excellent start to the year.
“We continue to see good volume growth across all major online brands and territories and we remain very confident of achieving our target of double-digit online NGR growth.
“At this early stage of the year, the board is confident of delivering EBITDA and operating profit in-line with expectations.”
Having opened at £5.78 ($7.56) on the morning before the trading update, GVC’s share price rose to £5.92 after the announcement.
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