GVC Holdings PLC (AIM:GVC), a leading provider of B2B and B2C services to the online gaming and sports betting markets, is pleased to provide the following update for the six months trading to 30 June 2012.
Gross revenues across the Group for the period increased 147% to €270k per day (H1-2011: €110k per day).
GVC’s B2B division saw significant growth from November 2011 after it entered into a service agreement with East Pioneer Corporation BV to provide back office services following that company’s acquisition of the Superbahis brand from Sportingbet plc.
Underlying sports wagers amounted to €1.3 million per day (H1-2011: €80k per day), and a gross sports margin of 11.8% was achieved on this (H1-2011: 8%). Turnover reached an average of €164k per day (H1-2011: €8k per day).
Gross revenues in the B2C division rose 4% to €106k per day (H1-2011: €102k per day). Sports wagers rose 146% to an average of €119k per day (H1-2011: €49k per day), although the margin was softer at 8.1% (H1-2011: 10.9%).
Revenues in Betboo, the Group’s Latin American brand, rose by 32% to €28k per day (H1-2011: €21k per day).
CasinoClub revenues saw a modest decline of 4% to €78k per day (H1-2011: €81k per day) reflecting ongoing consumer uncertainty in Germany.
The table below shows the average daily revenues for the six months to 30 June 2012 along with the comparative for 2011.
|Days in period:||182||181|
|Gross win %||11.4%||9.1%|
|Net Sports revenue*||123.7||9.2|
|Gaming and other revenue||146.0||100.4|
|Gross win %||11.8%||8.0%|
|Net Sports revenue*||117.3||4.6|
|Gaming and other revenue||46.9||3.0|
|Gross win %||8.1%||10.9%|
|Net Sports revenue*||6.4||4.5|
|Gaming and other revenue||99.1||97.4|
* Net sports revenues are stated after promotional bonus and chargebacks.
The data by calendar quarter is shown below:
|REVENUES BY QUARTER|
|Gross win %||11.0%||8.3%||11.4%||11.0%||12.0%||10.8%|
|Gaming and other revenue||0.7||5.3||6.5||25.9||133.4||158.5|
|Gross win %||8.4%||7.9%||10.5%||11.3%||12.3%||11.1%|
|Gaming and other revenue||0.7||5.3||6.5||25.9||37.1||56.7|
|Gross win %||13.4%||9.2%||12.8%||8.3%||7.3%||8.8%|
|Gaming and other revenue||98.0||96.7||99.2||100.8||96.3||101.8|
* Q4-2011. For the B2B division this consists of 40 days for the contract with East Pioneer.
Kenneth Alexander, Chief Executive Officer of GVC, said: “Against a backdrop of challenging economic conditions we are pleased to report that the Group has generated a strong performance in the first half of the year. Our B2B division, which has been operational now for just over seven months, continues to perform well. The sixty staff engaged within this new division have worked extremely hard to establish this revenue stream for the Group and this is reflected in the figures reported today. Our B2C brands have performed satisfactorily given the underlying economic climate and overall we remain cautiously optimistic for the year.”
Notice of Interim Results
The Group expects to release its Interim Results on Wednesday 26 September 2012, along with a further trading update, and an announcement about its interim dividend at that time.
For further information:
|GVC Holdings PLC|
|Kenneth Alexander, Chief Executive Officer||Tel: +44 (0) 20 7398 7702|
|Richard Cooper, Group Finance Director||www.gvc-plc.com|
|Daniel Stewart & Company Plc||Tel: +44 (0) 20 7776 6550|
|David Hart / Paul Shackleton / Jamie Barklem||www.danielstewart.co.uk|
|Henry Harrison-Topham / Oliver Hibberd||Tel: +44 (0) 20 7398 7702|
About GVC Holdings PLC
GVC Holdings PLC is a leading provider of B2B and B2C services to the online gaming and sports betting markets. The Group is headquartered in the Isle of Man and is licensed in Malta, and the Netherlands Antilles.
Further information on the Group is available at www.gvc-plc.com