FTSE100 gambling group GVC Holdings Plc will today host its Capital Markets Day, with corporate leadership outlining the firm’s ‘foundations for long-term market outperformance’.
Presenting the firm’s strategic objectives and future prospects, GVC governance details progress on the firm’s enlarged agenda, a year following its transformative acquisition of Ladbrokes Coral.
Citing an ‘accelerated migration’ of Ladbrokes Coral online brands onto the GVC technology platform, the FTSE gambling group adds an additional £15 million savings onto its cost synergy programme.
Furthermore, GVC governance details that the company has adjusted to new regulatory demands, with a ‘better than expected’ Triennial Review impact resulting in approximately ‘£15 million of EBITDA benefit’ compared to its previous 2020 guidance.
GVC’s previous ‘Triennial Review Guidance’ detailed an adverse Group EBITDA impact of £145 million in 2020 reducing to a £120 million in 2022. The figure is now expected to be an adverse Group EBITDA of £130 million in 2020 reducing to £105 million by 2022.
Closing its update, GVC governance states that there no change in the firm’s 2019 earnings expectations, with current Bloomberg consensus for 2019 GVC EBITDA maintained at £646 million as of 15 May 2019
Kenneth Alexander GVC Holdings Chief Executive said: “As we reported in our trading update last month, we have had an excellent start to the year with strong momentum across all divisions continuing into the second quarter.”
“This is the first Capital Markets Event post the deal with Ladbrokes Coral, and we will provide an insight into the key enablers that are driving our market outperformance – proprietary technology, product, leading brands, cutting-edge marketing, our people and local execution. These are the growth foundations that will enable us to deliver sustained double-digit online NGR growth converting to significant long-term profit growth. We are making great progress on the Ladbrokes Coral integration and we have a clear roadmap for delivery in the US, where it remains early days, but there is no doubt that this is a great long-term opportunity for GVC.”