GVC reported a strong Q3 20 trading update, with revenue up 14%, on a cc basis. The momentum was attributable to Online (+28% cc), which offset the softness in UK retail (-5% lfl) and EU retail (+2%). GVC’s US JV, BetMGM, though gaining share across states, is now expected to generate a loss of £60m (due to start-up costs). Management upgraded FY20 EBITDA guidance to £770-790m (+£50m vs earlier). Following the strong Q3 showing, we will be raising our estimates.
08 Oct 2020
Q3 20: online shines bright
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Q3 20: online shines bright
Entain PLC (ENT:LON) | 839 -65.4 (-0.9%) | Mkt Cap: 5,360m
- Published:
08 Oct 2020 -
Author:
Virendra Chauhan -
Pages:
3
GVC reported a strong Q3 20 trading update, with revenue up 14%, on a cc basis. The momentum was attributable to Online (+28% cc), which offset the softness in UK retail (-5% lfl) and EU retail (+2%). GVC’s US JV, BetMGM, though gaining share across states, is now expected to generate a loss of £60m (due to start-up costs). Management upgraded FY20 EBITDA guidance to £770-790m (+£50m vs earlier). Following the strong Q3 showing, we will be raising our estimates.