Tuesday January 5,2016 : SALES UP AT BWIN.PARTY IN FOURTH QUARTER
Good news prior to merger with GVC Holdings.
In a trading update Tuesday online gambling group Bwin.Party Digital Entertainment plc offered some good news to investors for a change as it approached its merger with GVC Holdings plc
In a trading update the company reported that fourth quarter sales revenue returned to growth and was up 5 percent year-on-year, driven by the sports betting and casino businesses, which both enjoyed stronger performances, particularly in the mobile channel.
"Based upon recent trading performance, the forthcoming Euro Championship in 2016 and the full year benefit of cost savings already achieved in 2015, the board believes that the group's prospects are strong, and these will be enhanced yet further by the proposed combination with GVC," the company said in a trading statement to the London Stock Exchange.
The company additionally announced that its GBP 1.1 billion merger with GVC should complete by 1 February, subject to the prior approval of the Court of Gibraltar.