GVC Holdings plc, owners of brands such as Sportingbet, Paradise Poker, Foxy Bingo, and partypoker, reported gains of 11 percent in its Net Gaming Revenue (NGR) per day for the second quarter of 2016 compared to the same period in 2015, sending its share price soaring.
The trading update submitted to the London Stock Exchange reveals both GVC and bwin.party brands achieved double digit growth in Q2-2016 compared to Q2-2015.
Sports wagers increased five percent to €12,552,000 with the sports margin climbing to 9.9 percent from 7.9 percent. Total sports NGR skyrocketed by 29 percent to €972,000 with gaming NGR increasing eight percent to €1,306,000.
Other revenue, which the statement does not specify, fell 16 percent to €178,000, leaving the total NGR per day up 11 percent at €2,456,000.
CEO of GVC Holdings, Kenneth Alexander, said that favourable sports results during Euro 2016 helped the company to put out such impressive figures.
“I am pleased to report that in the first half of 2016 GVC has continued to deliver positive trading momentum. Q2 was particularly strong, helped by increasing volumes and favourable sports results during Euro 2016. The restructuring of the enlarged Group is progressing well with synergy targets being achieved, accompanied by strong underlying growth. We are very encouraged by the positive performance to date, however, it is still early days and there is much work to be done, nevertheless, the board remains confident for the remainder of 2016.”
The company also revealed it is not worried about the potential impact the United Kingdom voting to leave the European Union will have, claiming it is a “diverse business, operating multiple brands and product verticals, with more than 90% of its customer base outside the UK.”