GVC Holdings PLC (LON:GVC), the multinational sports betting and gaming group, traded in line with management expectations in the first half of 2017.
Despite the absence of a major football tournament this summer to entice the punters, the group enjoyed a strong second quarter with net gaming revenue (NGR) up 8% year-on-year, or a 10% increase on a constant currency basis.
Stripping out the effects of bets on Euro 2016, NGR was up 10% on a year earlier, or 15% on a constant currency (CC) basis.
Looking at the first six months of the year, daily NGR was up 10% (+12% on CC basis) on a year earlier. Total NGR rose to €484.8mln from €441.8mln in the first half of 2016 (adjusted to assume bwin.party had been acquired at the beginning of the reporting period).
"The group continues to perform well with positive momentum across our core businesses. Achieving Q2 constant currency NGR growth of 10% in the absence of a major football tournament is particularly pleasing,” declared Kenneth Alexander, GVC’s chief executive officer.
“As demonstrated at our recent Capital Markets Day, the organic opportunity is significant, whilst we are also well positioned to pursue further acquisition opportunities should they arise. This combined with an increase in marketing investment in the second half to more normalised levels gives the board confidence of GVC delivering another year of strong progress," he added.
Shares in GVC were down 0.8% at 763.5p in early deals.