GVC 'confident' of meeting full-year expectations as net gaming revenue rises 8% in Q1

Writer, Stock Market Wire
Friday, April 5, 2019 - 07:14

Gambling group GVC reported an 8% increase in first-quarter net gaming revenue as soft gross win margins in Italy and the UK were offset by improved margins in other territories.

Total online net gaming revenue rose 17%, with sports gaming revenues up 16% and gaming up 20%.

UK retail delivered a 1.1% fall in like-for-like net gaming revenues, while European retail saw growth decline 1.8%.

'We continue to see good volume growth across all major online brands and territories and we remain very confident of achieving our target of double-digit online NGR growth. The impact of soft gross win margins in Italy and the UK was offset by improved margins in other territories, demonstrating the benefit of both geographic and product diversification across the Group,' said Kenneth Alexander (CEO) said.

'In UK Retail and European Retail, improved sports wagering growth helped offset softer sports gross win margins. New B2 machines stakes restrictions were implemented in the UK on 1 April 2019 and we expect it to be several weeks before we can start to assess the impact. At this early stage of the year, the Board is confident of delivering EBITDA and operating profit in-line with expectations.'

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