Despite currency headwinds, GVC reported 8% growth in revenues and a doubling of PBT
Companies: Entain PLC
GVC Holdings, the firm behind foxy bingo, party poker, and Bwin, has announced a second special dividend of €0.15 in its final results, after seeing 8% growth in revenues to €873m, 26% growth in EBITDA, and a doubling of adj pre-tax profit to €93.8m.
The multinational group said NGR (Net Gaming Revenue) jumped 9% with currency headwinds dampening the underlying results which saw +12% growth. Net debt to EBITDA also fell to 0.6x, with long-term refinancing securing the firm's debt issue.
GVC successful refinanced a €386m loan to Cerberus Business Finance back in February, with existing cash and a €250m loan from Nomura International plc. The company said at the time that it had "materially" lowered interest payments.
The firm also said it had successfully integrated bwin.party.
CEO Ken Alexander said the acquisition of bwin.party was the firm's most ambitious transaction to date and that it demonstrated the firm's ability to create "significant shareholder value" through acquisitions.
"Our strategy of pursuing international diversification and scale through leveraging our proprietary technology is more appropriate today than at any time in our history. The organic growth opportunity is equally exciting and we are confident of delivering further growth in 2017."
Shares in GVC rose 2.3% on Thursday, and are up 44% in the past 12 months.