GVC Holdings, the parent company of Ladbrokes Coral, has announced its full-year 2019 results at £3.65bn, an increase of three per cent year-on-year.
The company noted strong growth in its igaming division, recording a 14 per cent increase in net gambling revenue to £2.17bn, which offset declines in traditional betting. The EBITDA figure stood at £522m in 2019.
Kenneth Alexander, GVC's CEO, said: “The increase is due to growth in our online business, including market share gains in all major territories, and good momentum in our European retail business. This revenue growth has more than offset the impact on the UK retail business of the £2 restriction on B2 machine stakes. Online once again delivered the stand-out performance, with proforma NGR growing 13 per cent to £2.1bn.
“We are delighted with the progress that is being made on the Ladbrokes Coral integration and in the US the launch of BetMGM on the GVC platform in New Jersey was an important milestone for our business there and enables us to remain on track to deliver on our ambitions in this exciting market.”
GVC said it had retained confidence in the UK land-based retail unit, which absorbed shocks including the new £2 betting stake limit, which came into force last April. Taking into account overall income, GVC said proforma underlying EBITDA was down 10 per cent at £678.3m for 2019, up £50m from its previous estimate at the start of the year.
