FTSE-listed online gambling group GVC Holdings has achieved growth despite undertaking significant corporate adjustments in its takeover pursuit of Ladbrokes Coral.
Publishing its audited full-year 2017 results, GVC reported a 17 per cent increase in group net gaming revenues to €925m, up from €794m.
GVC highlighted the continued strong momentum of its sports division, which contributed an NGR of €663m, up 20 per cent, despite competing against a tough comparative 2016 that included UEFA Euro 2016.
Supporting its strong revenue momentum, with operational refinements and product enhancements, GVC delivered a clean 2017 EBITDA of €239m, up from €170.5m.
Closing its full-year 2017 accounts, GVC declared group adjusted profits of €178m, up 182 per cent on 2016’s €58m.
Detailing 2017 corporate highlights, the firm pointed to its tech integrations across multiple betting jurisdictions, with GVC concluding its platform migration of all key territories.
The company was also able to enhance its partypoker proposition and online casino products, supporting its strong sports betting momentum.
During 2017, GVC was forced to dispose of its Turkish Headlong business asset, in order to fulfil requirements for its takeover of Ladbrokes Coral.
Yesterday, GVC received the outright approval of both its investor base and Ladbrokes Coral shareholders to complete its takeover seeking to form the FTSE’s leading gambling group.
In a statement, Kenneth Alexander, CEO of GVC Holdings, 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.
“The importance of geographic diversification is also a key dynamic given the evolving regulatory backdrop. Thus the acquisition of Ladbrokes Coral Group represents an exciting opportunity, bringing together industry-leading online and retail brands. There will be plenty of hard work ahead, but we are confident that GVC will deliver once again.”