GVC Holdings has seen the first results after they purchased the non-Australian customers from Sportingbet last year, with a year-on-year revenue increase in the first quarter of 2014. The proforma revenues were boosted with a massive 69% to €180.6 million in Q1 2014 compared to €107.1 million in Q1 of 2013.
The good revenue results for Q1 also showed in the EBITDA report, as it shows that Q1 provided GVC Holdings with a year-on-year increase of 148%, providing them with a EBITDA of €38.3 million. Furthermore GVC Holdings experienced a 125% growth in sports wagers placed in Q1 totalling at €1.7 billion, with a massive €661.9 million of those bets coming from Sportingbet customers.
"Executing the complex acquisition and turnaround of Sportingbet has been a milestone for GVC and has led to greater geographical diversification and a significant increase in profits and dividends." CEO of GVC Holdings, Kenneth Alexander said and continued.
“We are now ready for the next stage in our corporate development and further geographic expansion through organic growth and acquisitions. GVC aims to deliver this without diluting the dividend. The board is confident of meeting current market expectations for the 2014 financial year as underpinned by our proposed dividend of 16 €cents total."