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GVC Holdings reports strong third quarter

The third quarter saw the strongest underlying growth rate since the company acquired
Paul Pogba
Basically, Brian, that was a top, top performance in what is shaping up to be a year of four quarters

Sports betting and gaming group GVC Holdings PLC (LON:GVC) saw a strong rise in net gaming revenue (NGR) in the third quarter.

This was achieved despite last year’s reporting period including the final stages of the UEFA Euro 2016 football tournament.

READ: GVC confident of another year of strong progress

Daily NGR in the three months to the end of September was up 10% year-on-year to €2.65mln, or up 13% on a constant currency basis.

Underlying NGR, which strips out the impact of Euro 2016 and the contribution from Kalixa (disposed of in May 2017), increased 18%, or 21% in constant currency.

The fourth quarter is just over a week old but the company said it has got off to a fast start.

READ: GVC to pay above-forecast second special dividend with underlying trading strong

"Underlying growth in Q3 represents the highest rate achieved since the acquisition of in February 2016,” said Kenneth Alexander, chief executive of GVC.

“The quick wins made in 2016 have been supplemented by further and continuous improvements across all areas of the business. GVC operates in an industry with significant opportunities and challenges. The combination of our talented employees, proven technology and strong brands, gives me confidence that we can continue to drive shareholder value," he added.

The shares came out of the traps fast, rising 2% to 884.5p in the first hour of trading.

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