Enlarged GVC Holdings posts full-year 2016 profits of €93.8 million

The governance of GVC Holdings (GVC), finishes its first year as a FTSE-listed enterprise declaring 2016 as a ‘transformative year’ for its business, in which the enlarged operator has successfully integrated the acquired assets of bwin.party Entertainment.

Presenting its full-year 2016 results, GVC would declare combined ‘pro-forma’ group wagering of €4.5 billion. Its high wagering levels were driven by an enlarged gaming and betting portfolio, which would see the company report group Net Gaming Revenues (NGR) of €894 million.

Closing its FY 2016, GVC governance would report a group ‘Clean EBITDA’ of €205 million, which would see the FTSE250 operator declare adjusted profits (before tax) of €93.8 million.

A busy 2016, would see GVC outline a number of operational highlights for its successful year. In particular, the company has detailed the integration of its acquired bwin.party assets (Bwin, party gaming brands and Foxy Gaming), supported by ‘improved platform stability’.

Updating its stakeholders, GVC governance would declare that the company was on course to meet its €125 million group synergy target by 2017.

Finishing its FY 2016 trading update, GVC governance would announce the payment of ‘second special 2016 dividend’ on the back of strong underlying trading and favourable refinancing.

The company will now move to reward its investors with a further €15.1 cents dividend for 2016, taking its total 2016 payout to €30

Kenneth Alexander, GVC Holdings CEO commented on 2016 corporate performance

“The acquisition of bwin.party in February 2016 was our most ambitious transaction to date, and through the hard work of our people, we have once again demonstrated our ability to create significant shareholder value through selected acquisitions. Our strategy of pursuing international diversification and scale through leveraging our proprietary technology is more appropriate today than at any time in our history. The organic growth opportunity is equally exciting, and we are confident of delivering further growth in 2017.”