16 May 2019
GVC Holdings PLC
("GVC" or the "Group")
Capital Markets Event - the foundations for long-term market outperformance
GVC Holdings PLC (LSE: GVC), the global sports-betting and gaming group, today hosts a Capital Markets Event with presentations from senior management. As part of these presentations, GVC will announce:
· An additional £15m of cost synergies recognised in 2020 due to an accelerated migration of Ladbrokes Coral UK Online brands onto the GVC technology platform (no change to the total fully mature quantum of £130m by 2022)
· A better than expected Triennial Review impact which is likely to result in c£15m EBITDA benefit from 2020 compared to previous guidance
· Continued strong current trading with full-year EBITDA in-line with market expectations
Kenneth Alexander (CEO) 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."
(1) Previous Triennial Review Guidance was an adverse Group EBITDA impact of £145m in 2020 reducing to an adverse Group EBITDA impact of £120m in 2022. This is now expected to be an adverse Group EBITDA impact of £130m in 2020 reducing to an adverse Group EBITDA impact of £105m in 2022
(2) Bloomberg consensus 2019 EBITDA of £646m as at 15 May 2019
Materials and Webcast
A live webcast will be available via the following link:
Presentations will commence at 1.30 UK time
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GVC Holdings PLC
Kenneth Alexander, Chief Executive Officer
Rob Wood, Chief Financial Officer
Paul Tymms, Director of Investor Relations & Corporate Communications
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David Rydell/Chris Lane/Jamie Hooper/Hannah Ratcliff
Tel: +44 (0) 20 7466 5000
Forward looking statements:
This announcement contains certain statements that are forward-looking statements. They appear in a number of places throughout this announcement and include statements regarding our intentions, beliefs or current expectations and those of our officers, directors and employees concerning, amongst other things, our results of operations, financial condition, liquidity, prospects, growth, strategies and the business we operate. By their nature, these statements involve uncertainty since future events and circumstances can cause results and developments to differ materially from those anticipated. The forward-looking statements reflect knowledge and information available at the date of preparation of this announcement and, unless otherwise required by applicable law, the Company undertakes no obligation to update or revise these forward-looking statements. Nothing in this announcement should be construed as a profit forecast. The Company and its directors accept no liability to third parties in respect of this document save as would arise under English law.
About GVC Holdings PLC:
GVC Holdings PLC is one of the world's largest sports-betting and gaming groups, operating both online and in the retail sector. The Group owns a comprehensive portfolio of established brands; Sports Brands include bwin, Coral, Crystalbet, Eurobet, Ladbrokes, Neds and Sportingbet; Games Brands include CasinoClub, Foxy Bingo, Gala, Gioco Digitale, partypoker and PartyCasino. The Group owns proprietary technology across all of its core product verticals and in addition to its B2C operations provides services to a number of third-party customers on a B2B basis. GVC acquired Ladbrokes Coral Group plc on 28 March 2018 and is now the UK's largest high street bookmaker, with over 3,400 betting shops. The Group has also entered into a joint-venture with MGM Resorts to capitalise on the sports-betting and gaming opportunity in the US. The Group, incorporated in the Isle of Man, is a constituent of the FTSE 250 index and has licences in more than 20 countries, across five continents.
For more information see the Group's website: www.gvc-plc.com
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