UK: Ladbrokes owner’s online increase offsets retail revenue fall

GVC Holdings, owner of Ladbrokes, announced Friday that its full-year profit will be at the top end of guidance following strong growth in its online business.

The gambling giant said full-year earnings before tax, interest, depreciation, and amortization is expected to be at the top end of upgraded guidance of £670m to £680m, the City A.M. reports.

European retail revenue grew four percent in the year and total group revenue was up two percent. In the US, the company said it made good progress with its joint venture with MGM, signing an exclusive multi-year deal with Yahoo Sports in the fourth quarter. 

GVC chief executive Kenneth Alexander said: "The group’s operational and financial performance in 2019 has been excellent with the strong momentum reported at the third quarter continuing throughout quarter four.

"The performance continues to be driven by our industry-leading technology, products, brands, marketing capability, people and local execution, all of which is underpinned by our determination to spearhead the industry’s approach to responsible gaming.

"As the group continues to deliver the opportunities provided by both the Ladbrokes Coral integration and our sports betting joint venture in the US, the board is confident that the group is well placed for a successful 2020."