Sunday January 27,2013 : GVC HOLDINGS TRADING UPDATE
Sportingbet acquisition would be transformational for GVC
Online gaming firm GVC Holdings PLC, currently in acquisition discussions in conjunction with William Hill Australia for online sportsbetting firm Sportingbet, has released an upbeat trading update for the six months to December 31, 2012.
GVC announced a second interim dividend of Euro 7 cents per share to be paid to shareholders on the register as at February 22, 2013 due for payment March 1, 2013.
The company reported an encouraging 24 percent rise in daily revenues recorded for the first 21 days of January 2013, ahead of the corresponding period in 2012.
Of its B2B division, in operation for just over a year, the Company's relationship with East Pioneer Corporation BV (EPC) who acquired Sportingbet's Turkish-facing business Superbahis yielded Euro 8.42 million, an increase of 50 percent on Q1/2012.
Kenneth Alexander, chief executive officer of GVC Holdings plc, said: "GVC traded strongly throughout 2012. The Board is pleased with the overall performance of the Group and its confidence is reflected in the second interim dividend that it has announced today.
"The amounts of deferred consideration payable to Sportingbet in relation to the Superbahis business were in 2012 Euro 27.3 million and therefore highly material for the Group. Should the acquisition of Sportingbet proceed, the mitigation of deferred consideration payable should be transformational for GVC."