GVC Holdings PLC Q1 Trading Update (2089V)
April 05 2019 - 2:00AM
UK Regulatory
TIDMGVC
RNS Number : 2089V
GVC Holdings PLC
05 April 2019
5 April 2019
GVC Holdings PLC
("GVC" or the "Group")
Q1 Trading update - an excellent start to the year
GVC Holdings PLC (LSE: GVC), the global sports-betting and
gaming group, is pleased to announce a trading update for the
period 1 January to 31 March 2019.
Key highlights Q1(1) :
-- Online NGR +17% (+18% cc(2) ), continued strong volume growth in all major territories
-- UK Retail like-for-like ("LFL")(3) NGR flat (LFL OTC NGR -6%,
LFL Machines NGR +4%), flat OTC wagers benefiting from
recycling
-- European Retail NGR +2% (+3% cc(2) ), sports wagers 13% ahead
-- Total Group NGR +8% (+9% cc(2) )
Proforma(1) Q1 growth (1 January to 31 March
2019)
Total NGR Total NGR Sports Wagers Sports Margin
CC(2)
---------- ---------- -------------- --------------
Online
Sports 16% 17% 19% Flat
Gaming 20% 20%
Total Online 17% 18%
UK Retail (LFL(3) Flat Flat Flat (1.1pp)
)
European Retail 2% 3% 13% (1.8pp)
Other 1% 1%
Total Group 8% 9%
Kenneth Alexander (CEO) said:
"This trading update reflects a continuation of the strong
trends reported on 5 March 2019, and represents an excellent start
to the year. We continue to see good volume growth across all major
online brands and territories and we remain very confident of
achieving our target of double-digit online NGR growth. The impact
of soft gross win margins in Italy and the UK was offset by
improved margins in other territories, demonstrating the benefit of
both geographic and product diversification across the Group. In UK
Retail and European Retail, improved sports wagering growth helped
offset softer sports gross win margins. New B2 machines stakes
restrictions were implemented in the UK on 1 April 2019 and we
expect it to be several weeks before we can start to assess the
impact. At this early stage of the year, the Board is confident of
delivering EBITDA and operating profit in-line with
expectations."
Reporting changes:
The Group will now report the Online division in-line with
industry peers, reporting Sports NGR, Gaming NGR and B2B NGR, and
will no-longer provide a split of Sports brands and Games
brands.
Notes
(1) The Group's proforma results are unaudited and presented as
if the current Group, post acquisition of the Ladbrokes Coral Group
plc, had existed since 1 January 2018. The results of Crystalbet
and Neds are included from the date of acquisition (11 April 2018
and 22 November 2018 respectively)
(2) Growth on a constant currency basis is calculated by
translating both 2019 and 2018 performance at the 2019 exchange
rates
(3) UK Retail numbers are quoted on a LFL basis. During Q1,
there were an average of 3,464 shops in the estate, compared to an
average of 3,563 in the same period last year.
Calendar
Capital Markets Day 16 May 2019
2019 Interim Results 15 August 2019
- ends -
LEI: 213800GNI3K45LQR8L28
Enquiries:
GVC Holdings PLC
Kenneth Alexander, Chief Executive Officer
Rob Wood, Chief Financial Officer
Paul Tymms, Director of Investor Relations & Corporate Communications (investors@gvc-plc.com)
Media enquiries:
Buchanan Communications
David Rydell/ Jamie Hooper Tel: +44 (0) 20 7466 5000
Forward looking statements:
This announcement contains certain statements that are
forward-looking statements. They appear in a number of places
throughout this announcement and include statements regarding our
intentions, beliefs or current expectations and those of our
officers, directors and employees concerning, amongst other things,
our results of operations, financial condition, liquidity,
prospects, growth, strategies and the business we operate. By their
nature, these statements involve uncertainty since future events
and circumstances can cause results and developments to differ
materially from those anticipated. The forward-looking statements
reflect knowledge and information available at the date of
preparation of this announcement and, unless otherwise required by
applicable law, the Company undertakes no obligation to update or
revise these forward-looking statements. Nothing in this
announcement should be construed as a profit forecast. The Company
and its directors accept no liability to third parties in respect
of this document save as would arise under English law.
About GVC Holdings PLC:
GVC Holdings PLC is one of the world's largest sports-betting
and gaming groups, operating both online and in the retail sector.
The Group owns a comprehensive portfolio of established brands;
Sports Brands include bwin, Coral, Crystalbet, Eurobet, Ladbrokes,
Neds and Sportingbet; Games Brands include CasinoClub, Foxy Bingo,
Gala, Gioco Digitale, partypoker and PartyCasino. The Group owns
proprietary technology across all of its core product verticals and
in addition to its B2C operations provides services to a number of
third-party customers on a B2B basis. GVC acquired Ladbrokes Coral
Group plc on 28 March 2018 and is now the UK's largest high street
bookmaker, with over 3,400 betting shops. The Group has also
entered into a joint-venture with MGM Resorts to capitalise on the
sports-betting and gaming opportunity in the US. The Group,
incorporated in the Isle of Man, is a constituent of the FTSE 250
index and has licences in more than 20 countries, across five
continents.
For more information see the Group's website:
www.gvc-plc.com
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END
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