Strong online performance boosts GVC revenue for Q1

20302554- display of stock market quotes

20302554- display of stock market quotes

Updating the market, GVC governance reports a strong volume of growth across all major territories, driven by the firm's online gambling assets, as GVC reports an 8% group net-revenue increase.

That side of the group, which is home to brands such as Foxy Bingo and partypoker, saw revenue surge 17% compared with the first quarter past year.

Like-for-like net gaming revenue from GVC's United Kingdom shops was flat year-on-year, although margins slipped 1.1 percentage points. European Retail NGR climbed two per cent (three per cent constant currency), with sports wagers up 13 per cent.

"We continue to see good volume growth across all major online brands and territories and we remain very confident of achieving our target of double-digit online NGR growth", Alexander said.

The company said the impact of the cut in the amount allowed to be staked on fixed odds betting terminals was not yet clear after its introduction on 1 April. That improvement in online operations helped to offset losses incurred due to the changes in the United Kingdom, where retail revenue for GVC remained flat and online revenue increased by 17%.

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The new regulations were implemented in April and maximum betting was limited to 2 pounds ($2.62) from a 100 pounds in an effort to keep a check on problem gambling.

"We expect it to be several weeks before we can start to assess the impact", Chief Executive Officer Kenneth Alexander said in a statement.

"New B2 machines stakes restrictions were implemented in the United Kingdom on 1 April 2019 and we expect it to be several weeks before we can start to assess the impact", said Alexander.

The GVC board remains confident the operator can deliver both operating profit and earnings before interest, tax, depreciation and amortisation in line with expectations for the full year, Alexander added.

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