Wednesday April 9,2014 : SPORTINGBET ACQUISITION GOOD FOR G.V.C.
Online gambling group turns in a solid FY performance.
Online gambling group GVC Holdings plc has posted its full year ended December 2013 results, highlighting the following achievements:
* Total proforma revenues increased by 69 percent to Euro 180.6 million (2012: Euro 107.1 million);
* Clean EBITDA up year-on-year by 148 percent to Euro 38.3 million, ahead of upgraded market expectations;
* Sportingbet turnaround complete and contributed Euro 4.7 million to 2013 EBITDA;
* EPS rose 83 percent to 58.6 Euro cents (2012: 32.1 Euro cents);
* Quarterly dividend – 11.5 Euro cents declared plus a special dividend of 4.5 Euro cents declared, making total dividends for 2013 of 48.5 Euro cents, a rise of 120 percent.
Management reports current trading at record levels, with net gaming revenue exceeding Euro 50 million for the first quarter of 2014, compared to Q1 2013's Euro 35.6 million.
Commenting on the results, CEO Kenneth Alexander, said:
"Executing the complex acquisition and turnaround of Sportingbet has been a milestone for GVC and has led to greater geographical diversification and a significant increase in profits and dividends.
"We are now ready for the next stage in our corporate development and further geographic expansion through organic growth and acquisitions. GVC aims to deliver this without diluting the dividend. The Board is confident of meeting current market expectations for the 2014 financial year."