GVC's B2B division having a stonking 2012

GVC, which already runs its own online betting franchises, says its new business-to-business (B2B) offering has really hit the jackpot

Gross revenues across the group in the six months to the end of June increased 147% over the prior year to €270k per day.

The B2B division saw significant growth from November 2011 after it entered into a service agreement with East Pioneer Corporation to provide back office services. Turnover reached an average of €164k per day against just €8k last year.

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Gross revenues in the business-to-consumer (B2C) side rose 4% to €106k per day. Sports wagers rose 146% to an average of €119k per day although the margin was softer at 8.1% versus 10.9% last year.

Revenues in Betboo, GVC's Latin American brand, rose by 32% to €28k per day.

CasinoClub revenues saw a modest decline of 4% to €78k per day reflecting ongoing consumer uncertainty in Germany.

Kenneth Alexander, Chief Executive Officer of GVC, said: "Against a backdrop of challenging economic conditions we are pleased to report that the group has generated a strong performance in the first half of the year.

"Our B2B division, which has been operational now for just over seven months, continues to perform well. The sixty staff engaged within this new division have worked extremely hard to establish this revenue stream for the group and this is reflected in the figures reported today.

"Our B2C brands have performed satisfactorily given the underlying economic climate and overall we remain cautiously optimistic for the year."

At 10:45 the stock had gained 6% and is now 32% up since the beginning of the year.

BS