GVC fast out of the traps

GVC Holdings, a provider of business-to-business (B2B) and business-to-customer (B2C) services to the online gaming and sports betting markets, has more than doubled like-for-like turnover in the year to date following an 'excellent' start to 2012.

Turnover across both its B2C and B2B divisions increased from €0.1m to €0.28m, already surpassing levels seen during the whole of 2011 at €0.13m.

Within the B2C division, total turnover rose from €0.098m to €0.105m, following a leap in sports wagers, while in the B2B divsion, turnover jumped from €0.006m to €0.174m.

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Chief Executive Kenneth Alexander said: "We are extremely pleased with the performance in both divisions. B2C sports margins have been adversely affected by favourable punter outcomes this year, which has suppressed an otherwise excellent start to the year. GVC's agreement with East Pioneer Corporation is progressing well with daily turnover now exceeding €174k per day.

"Whilst economic conditions in Europe continue to be volatile, we remain cautiously optimistic for the year. The group has today paid its shareholders an increased dividend of €11 cents per share, compared to the €10 cents per share GVC paid in 2010."

The share price rose 6.62% to 161p by 12:34.

NR