GVC adjusted pre-tax profits up 99%
StockMarketWire.com - GVC Holdings' adjusted pre-tax profits rose by 99% to €101.9m in the six months to the end of June.
Net gaming revenues of €486.2m were up 10% (+12% in constant currency) vs pro forma H1 2016 and clean EBITDA of €133.9m rose by 28% vs pro forma H1 2016 (€104.4m).
GVC said the board now expected clean EBITDA for the current year to be comfortably ahead of analysts' consensus.
Chief executive Kenneth Alexander said: "I am delighted with the strong progress across the Group, which has continued to exceed our expectations since last year's acquisition of bwin.party.
"A combination of high quality talent, proprietary technology and proven brands are key components driving the business forward. Scale and geographic diversification are increasingly important as the regulatory environment evolves and competition increases.
"The strong performance of the business together with the smooth integration of bwin.party continues to present exciting organic growth opportunities.
"In addition, given its proven track record of creating shareholder value, GVC remains well positioned to continue to play a pivotal role in the industry's consolidation, should the right opportunities arise."
At 8:21am: (LON:GVC) GVC Holdings Plc share price was +40.5p at 840p
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