Internet betting giant GVC Holdings has announced their 2017 financial results, revealing that numbers were up "bigly" during the year.
Key financial indicators for the year ending December 31st, 2017 were:
- Net gaming revenues of €925.6 million, up 17% from the €794.3 million the year prior
- Revenues up 16% on a pro forma basis to €896.1 million
- EBTDA up 40% to €239.5 million
- Adjusted profit before tax up 182% to €178.7 million
- Net debt down to €108.6 million from €121 million last year
- Adjusted earnings per share of €0.56, up from €0.19 last year
Speaking about the results GVC CEO Kenneth Alexander said, "GVC achieved a significant amount in 2017 and as these numbers demonstrate, we have delivered material value from the bwin.party acquisition. It is particularly pleasing that we have been able to produce such strong results at the same time as completing the integration of bwin.party and continuing to enhance our product offering.
"Our core markets offer attractive growth prospects but we also recognise the opportunity presented by our proprietary technology to create significant synergies through M & A."
Ladbrokes has come to an agreement to purchase Ladbrokes Coral, which is expected to close later this month if government approval is given. That will bring in more revenue, but will also add to the company's long-term debts, affecting financial performance moving forward.