GVC lifts outlook on earnings amid strong online growth
StockMarketWire.com - Sports-betting and gaming group GVC lifted its outlook on earnings as gaming revenue rose 12% in the third quarter amid strong online growth.
The company upgraded its full-year pre-IFRS16 earnings (EBITDA) guidance to a range of £670m to £680m, up from £650m to £670m.
For the period from 1 July to 30 September 2019, net gaming revenue rose 12% despite the comparative period including part of the Football World Cup, the company said.
Online net gaming revenue was 12% ahead with strong growth in all territories, the company added.
Trends in UK retail, meanwhile, remained ahead of initial guidance, with like-for-like net gaming revenue falling 18%, driven by a cut in the maximum permitted stake on fixed-odds betting terminals to £2.
At the end of the quarter, the company launched the GVC Global Foundation, which would coordinate and support GVC's corporate social responsibility initiatives, objectives and donations around the world.
On the regulatory front, GVC said there was a 'realistic possibility' that the regulatory position would not be resolved until 2021, but expected a positive re-regulation of the German online sports-betting and gaming market. Story provided by StockMarketWire.com