Internet gaming giant GVC Holdings has released its first half 2016 financial results, noting impressive growth in gaming revenues and profits.
Key financial indicators for the first half ending June 30th, 2016 were:
- Pro forma NGR up 8% y-o-y to Euro 441.8 million, 12% in constant currency;
- Clean EBITDA of Euro 91.2 million with pro forma Clean EBITDA growth up year-on-year by 42 percent;
- Adjusted PBT of Euro 51.3 million (H1-2015: Euro 21.8 million )
- Net debt as at 30 June up at Euro 165.1 million (Euro 154.3 million as at 24 July 2016 re-financing)
- Half-year marketing spend of 21% of NGR;
- Mobile sports wagers up 55 percent, casino and games up 98 percent;
- Integration of bwin.party on target to secure Euro 125 million in annualised synergies by end of 2017;
- Significantly strengthened senior management
- Signed largest B2B deal to date with one of the UK's best-known sports betting brands, Betfred;
- Confirmation of New Jersey gaming licence.
Commenting on the company's results GVC Holdings CEO Kenneth Alexander said, "I am delighted to report another period of significant growth. It is GVC's combination of hardworking, talented people and a unique proprietary technology platform that has allowed us to achieve so much in such a short period."
"The Group operates in a highly competitive, increasingly regulated and taxed environment, GVC has never been better placed to face these challenges. Indeed, we believe the organic growth potential of the Group is now greater than originally anticipated at the time of the bwin.party transaction acquisition."