London-listed online gaming operator GVC Holdings has said that its strategy to reinvigorate bwin.party is delivering early positive results, with second quarter trading up 15 per cent year-on-year on a constant currency basis.
In a trading update ahead of today’s annual general meeting, GVC said that average group proforma revenue per day is currently 11 per cent ahead of the same period a year ago, following completion of the bwin.party acquisition in February.
The company added that on a constant currency basis, daily revenue is up 15 per cent versus Q2 2015.
The trading update follows Monday’s news that British bookmaker Betfred has signed a ten-year agreement to migrate to GVC’s proprietary gaming platform.
Commenting on current trading, GVC chief executive Kenneth Alexander said: “I am delighted to be able to report a continuation of the strong trading performance previously announced at the time of our final results on April 25th.
“It is pleasing to see that our strategy to reinvigorate growth at bwin.party is delivering positive early results, which is in part a reflection of the high quality people within the enlarged Group. This, together with the transformational B2B deal with Betfred, that we announced yesterday, gives me confidence that we can deliver significant value to our shareholders.”
Alexander added that the company’s plan to transfer to the Premium Segment of the Official List of the London Stock Exchange is progressing, with a further announcement on the move to follow in due course.
Today’s positive trading update and Monday’s B2B deal with Betfred have seen shares in GVC Holdings plc. (Co. Data) (AIM:GVC) climb to an all time high of 588.00 pence per share in London early Tuesday.