GVC posts record end to the year ahead of Ladbrokes takeover

 
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GVC has cleared a new barrier with record revenue (Source: Getty)

GVC, the buyer wooing Ladbrokes Coral shareholders, has announced a record finish to the year and forecast-beating expectations.

The figures

The company, which owns a raft of brands including bwin, PartyCasino and FoxyBingo, posted record quarterly group net gaming revenue (NGR) in the fourth quarter of €3m (£2.7m) per day.

This marked an increase of 21 per cent on the same time last year and helped to put total NGR for the year at just over €1bn.

Management said it now expects underlying earnings to be at the top end of expectations.

Why it's interesting

GVC has tried and failed several times to acquire Ladbrokes Coral, finally clearing the way for a successful takeover last year when it disposed of its Turkey business.

Now the two companies have agreed a deal worth approximately £4bn.

Ladbrokes is the UK's biggest bookmaker, meaning the enlarged company will become one of the biggest gambling firms in the world.

GVC and Ladbrokes shares were both up slightly following the results.

What GVC said

Chief executive Kenneth Alexander said: "We have once again demonstrated our ability to integrate significant acquisitions, realise material synergies and at the same time deliver top line growth.

"The recommended transaction with Ladbrokes Coral Group presents an exciting opportunity for both sets of shareholders, creating a global gaming group with a portfolio of strong brands across all major regulated online markets, together with proprietary technology and proven management."

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