GVC 2018 Growth.
GVC today announced full-year profits which have increased from £815m to an incredible £3b, Chief Executive Keith Alexander said “The Group’s full year results reflect a very strong performance.” Proforma net gaming was revenue 9% ahead of last year. Also, the proforma underlying EBITDA was 13% ahead. 2018 was a busy year for the Group: the completion of the Ladbrokes Coral acquisition in March made the Group the largest online-led sports-betting and gaming operator in the world.
GVC announced “Excellent operational execution, effective marketing and a good World Cup helped both the legacy GVC and the acquired Ladbrokes Coral businesses perform ahead of expectations and materially ahead of the market, delivering market share gains in all our major territories.”
These results included a £1.7b contribution from the online business. This was made up of £829.3m of sports revenue and £710.4m from gaming.
Growth Over the Portfolio
In 2018, £10.2b was bet on sports. There were very positive results in Germany, Italy, and Brazil which helped to provide a growth rate of 27% over the year. Also, GVC owned brand Ladbrokes Coral Sports revenues grew by 16%. There was also strong high street revenues by the Ladbrokes retail arm.
The online gaming brands all posted good results. PartyPoker had an especially good year with a massive 40% revenue growth. The Gala brands have been the main sponsor of popular ITV quiz show ‘The Chase. Therefore, they were able to improve by 14%
Even the Georgian betting operator, acquired by GVC in March, provided an uplift in revenues with an increase in NGR of 61%.
The report stated:
“This represents an excellent start to the year, and at this early stage, the board is confident of delivering EBITDA and operating profit in-line with expectations.”