Results round-up

GVC Holdings delivered impressive earnings figures for 2015 and has shot off to a strong start for 2016 since completing the acquisition of Bwin.party at the start of February.

For 2015, fully listed GVC, which moved up from AIM and expanded its board on completion of the deal, generated net gaming revenue (NGR) of €248m that represented a 10% on the prior year.

Earnings before interest, tax, depreciation and amortisation also climbed 10% to a record €54.1m - well ahead of the market's €52m expectations. Meanwhile Bwin delivered €108.5m EBITDA, against a forecast €98.5m.

On profit before tax up 21% to €50.0m, earnings per share before exceptional items rose by the same percentage to 80.2c. Underlying EPS was 71.3c versus the forecast 70.6c.

By 17 April, GVC, which is likely to join the FTSE 250 at the next quarterly review, also had gross cash position of €327m, with group net debt, representing cash less client liabilities less debt of €193m.

Having integrated and turned around lossmaking 2013 acquisition Sportingbet, GVC's management are confident they can do the same with Bwin.

Chief Executive Kenneth Alexander said the completion of the acquisition afforded the group an opportunity to take the group "to the next level".

"GVC has never been in a stronger position going forward," he continued. "The enlarged group is already enjoying encouraging trading, resulting from our unique mix of diversified products and strong brands."