Isle of Man-based gambling operator GVC Holdings PLC released an update on its financial results for the fourth quarter of 2015 as well as for the twelve-months ended December 31, 2015. Net revenue for the last three months of the year totaled €65.5 million, up 10% as compared to the €59.5 million reported for the same period in 2014.
Full-year net gaming revenue increased 10.2% year-on-year to reach €247.7 million. The amount of €224.8 million was reported for the twelve-months ended December 31, 2014.
Sports wagers for the fourth quarter of the year amounted to €456 million, up 13.6% as compared to the €402 million posted for the same three months of 2014. Sports wagers for the whole fiscal year increased 14.9% year-on-year to €1.68 billion.
GVC Holdings said in its Monday update that it would release preliminary results for the financial year ended December 31, 2015 in the week beginning April 11, 2016.
Commenting on the financial information provided, Kenneth Alexander, CEO of the gaming operator, pointed out that he is particularly delighted to announce “another set of strong numbers” as the past twelve months were extremely positive for the company. Mr. Alexander also thanked all GVC staff members for their hard work that eventually resulted in the excellent financial performance.
The executive commented on the proposed £1.12-billion acquisition deal with online gambling company bwin.party digital entertainment plc, saying that both GVC Holdings and bwin.party shareholders have approved the transaction overwhelmingly towards the end of 2015. The deal is to be finalized on February and the new business entity is to be admitted to the Main Market on the next day.
Mr. Alexander said that they are excited to start the integration of the two companies and to be able to keep on driving shareholder value for investors in the enlarged gambling business. Once the deal is completed, existing bwin.party shareholders will hold a 66.6% stake in the new operator. It is expected to annually generate €125 million in cost savings by the start of 2018.
Currently, GVC Holdings operates the CasinoClub, Sportingbet, and Betboo brands. The company is headquartered in the Isle of Man and holds licenses in the UK, Malta, South Africa, Denmark, and the Dutch Caribbean.
