GVC highlights bwin.party acquisition as revenue rockets in Q1
GVC Holdings has cited its acquisition of bwin.party as one of the main reasons behind a sharp, year-on-year jump in gaming revenue during the first quarter of the year.
Net gaming revenue totalled €167.7 million ($188.7 million), which represents an increase of 180% on the €60 million achieved in the same period last year.
For the year to April 20, on a like-for-like, constant currency basis, average net gaming revenue per day increased 13% for the group, 18% for GVC brands and 11% for brands owned by bwin.party, which GVC acquired on February 1.
GVC’s trading update also revealed the first year-on-year quarterly growth for bwin.party brand PartyPoker in five years.
The company also noted that it is on track to secure €125 million of synergies by the end of 2017, from an enlarged GVC group.
Gross cash position at the company came in at €327 million on April 17, while net debt for the group amounted to €193 million on the same date.
Kenneth Alexander, chief executive of GVC, said: “GVC has never been in a stronger position going forward.
“The enlarged group is already enjoying encouraging trading, resulting from our unique mix of diversified products and strong brands.
“There is much work to be done, nevertheless, with GVC brands and bwin.party brands, including PartyPoker, growing, together with synergy benefits, we look forward with confidence to another successful year.”
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