GVC Holdings sees FY profits at top end of guidance

17th Jan 2020 08:40

(Sharecast News) - GVC Holdings said on Friday that it was "well placed" for 2020 as it progressed with integrating recently-acquired Ladbrokes Coral and continued to grow its US joint venture.
GVC said declines in its UK stores had not been as bad as initially expected and also that the strong online betting momentum seen earlier in the year had continued in the fourth quarter.

As a result of both the momentum and improved betting margins, GVC said underlying profits would be to be towards the top end of its latest guidance of £670-680m.

Like-for-like net gaming revenue at UK betting shops dropped 12% over 2019, while group net gaming revenues rose 2% for the year, buoyed by 13% growth for online revenue, 4% growth for European retail and strong online revenues growth for its Roar Digital sports betting joint venture in the US.

Chief executive Kenneth Alexander said: "The group's operational and financial performance in 2019 has been excellent with the strong momentum reported at Q3 continuing throughout Q4.

"As the group continues to deliver the opportunities provided by both the Ladbrokes Coral integration and our sports betting joint-venture in the US, the board is confident that the group is well placed for a successful 2020."

At 1010 GMT, the shares were down 1.1% at 924.00p.