GVC credit PartyPoker turnaround for driving H1 gains

UK-listed online gambling operator GVC Holdings saw its share price hit a record high as investors celebrated the company’s stellar H1 performance.

On Thursday, GVC released its report card covering the first six months of 2017, during which gaming revenue topped €486m, a 10% rise over pro forma results – which includes a full contribution from its acquired Bwin.party brands – in H1 2016. Clean earnings rose 28% to €134m and pre-tax profits hit €102m.

The good times have continued to roll in Q3, with daily group net gaming revenue up 12% and GVC’s board says it expects full-year 2017 earnings to be “comfortably ahead” of analysts’ consensus of €256m. Giddy investors pushed the stock up nearly 7% to a record 855p on Thursday.

GVC CEO Kenny Alexander (pictured) said the company’s performance “has continued to exceed our expectations” following the Bwin.party acquisition. Moreover, Alexander said the ease with which GVC integrated the Bwin.party brands leaves the company “well positioned to play a pivotal role in the industry’s consolidation, should the right opportunities arise.”