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GVC pulls dividend; swings to profit in H1 on online gaming growth

By BFN News | 07:34 AM | Thursday 13 August, 2020

GVC pulled its interim dividend and swung to a first-half profit as strong online gaming revenue partly offset weakness in retail after the sports-betting company closed its outlets following government-imposed lockdown measures. For the six months ended 30 June 2020, the company reported an underlying pre-tax profit of £24.8m compared with a loss of £12.3m on-year, while revenue fell 10% to $1.58bn. Online net gaming revenue rose 19%, while UK retail like-for-like (LFL) revenue fell 50%, and European retail revenue fell 48. Looking ahead, the company said, baring no further material disruptions, it expected the deliver underlying earnings (EBITDA) within a range of £720m-to-£740m for the full year. The outlook was supported by the acceleration of £20m of synergies from the acquisition of Ladbrokes Coral, offset by one-off impacts in non-core businesses, it added. 'The strong performance of the online business coupled with the return of the sporting calendar and the re-opening of our retail operations means that the group is well placed for the balance of the year,' the company said. Story provided by

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