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TURNOVER UP AT GVC HOLDINGS
Friday May 25, 2012 : TURNOVER UP AT GVC HOLDINGS
Revenues soar 168 percent in first five months of 2012
Online gambling group GVC Holdings plc has posted a trading update covering the period 1 January 2012 to 20 May 2012 showing group turnover up 168 percent to Euro 279 000 per day (2011 Euro 104 000).
In the B2C division turnover rose 7 percent to Euro 105,200 per day (2011: Euro 98,400 per day), whilst B2B division turnover reached Euro 174,100 per day following the initiation of a contract with East Pioneer Corporation B.V. on 22 November 2011. The comparative figure in 2011 amounted to just Euro 5,800 per day.
CEO Kenneth Alexander said: "We are extremely pleased with the performance in both divisions. B2C sports margins have been adversely affected by favourable punter outcomes this year, which has suppressed an otherwise excellent start to the year. GVC's agreement with EPC is progressing well with daily turnover now exceeding Euro174,000 per day.
"Whilst economic conditions in Europe continue to be volatile, we remain cautiously optimistic for the year. The Group has today paid its shareholders an increased dividend of Euro 11 cents per share, compared to the Euro 10 cents per share GVC paid in 2010."
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