GVC Holdings lifts expectations after good first half

Business News

GVC Holdings has raised its full-year outlook after its UK retail business performed better than feared in the first half, and the Ladbrokes owner said it expects to shut about 100 fewer shops than previously planned.

The company, which now expects to shut 900 shops, said full-year core earnings would be within the range of 650 million pounds to 670 million pounds.

Underlying pretax profit rose 31% to 212.1 million pounds ($255.71 million) for the six months ended June 30.

Chief Executive Kenneth Alexander said: “The group’s performance in the first half was extremely pleasing with group proforma net gaming revenue 5% ahead. Online momentum remains very strong with proforma net gaming revenue 17% ahead, delivering continued market share gains across all major territories.

“Our online operating model is proving highly effective, building on the sustainable competitive advantages of our wholly owned technology platform, leading product, cutting-edge marketing, leading brands and local execution, which are all delivered with an unrivalled understanding of the markets in which we operate.”

The search for a new chair to succeed Lee Feldman is progressing, GVC said, with a “number of candidates” identified.