GVC Holdings’ Net Gaming Revenue Increases 11 Percent | PokerNews
GVC Holdings plc, owners of brands akin to Sportingbet, Paradise Poker, Foxy Bingo, and partypoker, reported gains of eleven percent in its Net Gaming Revenue (NGR) per day for the second one quarter of 2016 in comparison to the similar period in 2015, sending its share price soaring.
The trading update submitted to the London Stock Exchange reveals both GVC and bwin.party brands achieved double digit growth in Q2-2016 in comparison to Q2-2015.
Sports wagers increased five percent to €12,552,000 with the sports margin climbing to 9.9 percent from 7.9 percent. Total sports NGR skyrocketed by 29 percent to €972,000 with gaming NGR increasing eight percent to €1,306,000.
Other revenue, which the statement doesn't specify, fell 16 percent to €178,000, leaving the overall NGR per day up 11 percent at €2,456,000.
CEO of GVC Holdings, Kenneth Alexander, said that favorable sports results during Euro 2016 helped the corporate to position out such impressive figures.
“I am pleased to report that during the primary half 2016 GVC has continued to deliver positive trading momentum. Q2 was particularly strong, helped by increasing volumes and favourable sports results during Euro 2016. The restructuring of the enlarged Group is progressing well with synergy targets being achieved, accompanied by strong underlying growth. We're very encouraged by the positive performance to date, however, it's still early days and there's much work to be done, nevertheless, the board remains confident for the rest of 2016.”
The company also revealed it's not worried concerning the potential impact the uk voting to depart the eu Union will have, claiming this is a “diverse business, operating multiple brands and product verticals, with greater than 90% of its customer base outside the UK.”
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