GVC Holdings issued a trading update

Friday July 6,2012 :  GVC REVENUES UP
 
Latest trading update shows improvements
 
GVC Holdings plc, an online gambling provider of B2B and B2C services, has issued a trading update for the six months trading to 30 June 2012.
 
Gross revenues across the group for the period increased 147 percent to Euro 270,000 per day (H1-2011: Euro 110,000 per day).
 
The company’s B2B division saw significant growth from November 2011 after it entered into a service agreement with East Pioneer Corporation BV to provide back office services following that company’s acquisition of the Turkish Superbahis brand from Sportingbet plc.
 
Underlying sports wagers amounted to Euro 1.3 million per day (H1-2011: Euro 80,000 per day), and a gross sports margin of 11.8 percent was achieved on this (H1-2011: 8 percent). Turnover reached an average of Euro 164,000 per day (H1-2011: Euro 8,000 per day).
 
Gross revenues in the B2C division rose 4 percent to Euro 106,000 per day (H1-2011: Euro 102,000 per day).  Sports wagers rose 146 percent to an average of Euro 119,000 per day (H1-2011: Euro 49,000 per day), although the margin was softer at 8.1 percent (H1-2011: 10.9 percent).
 
Revenues in Betboo, the Group’s Latin American brand, rose by 32 percent to Euro 28,000 per day (H1-2011: Euro 21,000 per day).
 
CasinoClub revenues saw a modest decline of 4 percent to Euro 78,000 per day (H1-2011: Euro 81,000 per day) reflecting ongoing consumer uncertainty in Germany.