GVC Holdings revealed that they had been given a £30 million financial boost as a direct result from their recent take over of Ladbrokes Coral Group, which was completed earlier in the year. The company’s European retail and online operations has helped to increase GVC’s half-annual financial numbers.
GVC had already anticipated cost synergies of around £130 million in relation to the Ladbrokes Coral buyout, which was finalised toward the end of March. The operator later stated in a trading update that another £30 million in capital expenditure relating to the Ladbrokes acquisition had been identified. Their proforma results showed that there has been an 8% rise in net gaming revenue, coming to a total of £1.72 billion.
Gross profit for GVC has also risen by 6% to £1.16 billion, while underlying earnings before both deductions and interest had increased by 11% to £314.1 million, while underlying profit saw a staggering increase of 17% to £277.9 million.
Chief executive of GVC, Kenneth Alexander, told reporters that the performance of the GVC Group during the first half of the year has been extremely pleasing, in what he says has been an very busy period. He went on to add that the acquisition of Ladbrokes Coral that was completed in March and its integration into GVC went well, and that they had identified capex synergies of at least £30 million on top of the £130 million cost synergies. He lastly added that the recently opened up US sports betting had opened up a new market for them.
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