GVC Holdings confident of delivering its 2018 targets & objectives
Publishing its Q3 2018 trading update (period ending 30 September) FTSE100 betting group GVC Holdings details continued corporate growth and progress on its core strategic objectives.
The enlarged FTSE firm continues its strong digital momentum, recording +28% period NGR increase, detailing growth across all its major operating territories.
Boosted by the closing stages of World Cup Russia 2018, GVC sports brands NGR grew 31%, with the company maintaining double-digit growth for its acquired Ladbrokes (+24%) and Coral UK (+29%) digital properties.
Furthermore, a strengthened digital framework has helped GVC Casino/Games brands achieve 19% NGR increase, driven by ‘strong levels of first-time depositors’,
Despite its digital growth, GVC cannot escape tough UK retail conditions, in which the company reports a like-for-like 2% NGR decline. Nevertheless, the firm’s UK retail woes are offset by +24% increase in its European retail assets, with GVC recording strong growth within Italy.
Looking forward, GVC governance highlights strong future prospects for the operator, having secured its US joint-venture partnership with MGM Resorts during the Q3 period. Acting as technology and operations lead for MGM Resorts, the US’ biggest casino operator, the strategic joint venture will launch ‘playMGM’ digital property.
Commenting on the Trading update, GVC Holdings Group CEO Kenneth Alexander
“The Group’s performance in the quarter was very pleasing with momentum continuing across the Online and European Retail divisions. As highlighted in our H1 results, we will look to consolidate our position in markets where we are taking market share through the reinvestment of excess returns, and the board is confident in its full-year expectations.”
We believe our sports-betting joint venture with MGM is best placed to be the market leader in the US and we have taken the first steps on that journey with the soft-launch of our sports-betting app in New Jersey. We have also recently announced a series of CSR measures including a multi-million pound commitment to responsible gambling initiatives and a call for a pre-watershed ban of TV advertising in the UK around football and other live sports.
The industry continues to evolve and whilst there are challenges there are also many exciting opportunities. Through our proprietary technology, a portfolio of brands, leading product and talent, GVC is well placed to continue to deliver shareholder value.”
Source: SBC News
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