GVC reports H1 growth, confirms CFO departure

20 September 2016

GVC Holdings has said that it was able to achieve “significant” growth in the six months to June 30, while also announcing that Richard Cooper will step down as chief financial officer.

On a pro forma basis, net gaming revenue in the first half totalled €441.8 million ($494.4 million), up 8% on the €408.4 million posted in the same period last year.

Sports betting continues to serve as the main source of income for the company, with pro forma sports wagers up 4% year-on-year to €2.3 billion.

GVC noted a 55% increase in mobile sports wagers, with casino and games also up by 98%.

Pro forma clean earnings before interest, tax, depreciation and amortisation was also up by 42% to €104.4 million, while adjusted profit before tax jumped from €21.8 million to €51.3 million.

Kenneth Alexander, chief executive of GVC said: “It is GVC's combination of hardworking, talented people and unique proprietary technology platform that has allowed us to achieve so much in such a short period.

“The group operates in a highly competitive, increasingly regulated and taxed environment, but GVC has never been better placed to face these challenges.

“Indeed, we believe the organic growth potential of the group is now greater than originally anticipated at the time of the bwin.party transaction acquisition.”

Meanwhile, GVC confirmed Cooper will leave his role in February 2017 in order to pursue private business interests.

Cooper will be replaced by Paul Miles, who is to join GVC from consumer credit group Wonga.

Miles previously served as financial controller at insurance firm RSA Group, as well as acting group finance director of life assurance operator Phoenix Group.

Lee Feldman, non-executive chairman of GVC, said: “I'm delighted that Paul will be joining us and feel his skills and experience are an ideal match for a business of our international scale and ambition.

“Richard has been a key part of the GVC story over the past eight years and I personally would like to thank him for his significant contribution and wish him all the very best for the future.”

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