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GVC Gvc Holdings Plc

1,039.50
0.00 (0.00%)
28 Mar 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Gvc Holdings Plc LSE:GVC London Ordinary Share IM00B5VQMV65 ORD EUR0.01
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 1,039.50 1,038.50 1,039.50 0.00 00:00:00
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
0 0 N/A 0

GVC Holdings PLC Special Dividend and Trading Update (1916O)

03/11/2016 7:00am

UK Regulatory


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RNS Number : 1916O

GVC Holdings PLC

03 November 2016

GVC Holdings PLC

("GVC", the "Group" or the "Company")

Special Dividend and Trading Update

GVC Holdings PLC (LSE:GVC), the multinational sports betting and gaming group, is pleased to announce its intention to pay a special 10 euro cents per share dividend in February 2017 in respect of the 2016 financial year. In addition, the Company announces its dividend policy together with a trading update for the third quarter and the period up to 31 October 2016.

Special Dividend

As part of the terms of the EUR400m loan facility provided by Cerberus Business Finance LLC ("Cerberus Loan") associated with the acquisition of bwin.party digital entertainment plc ("bwin.party"), the Group agreed to take a dividend payment holiday in 2016. On 2 August, the Company announced that it had entered into a commitment with Nomura International to replace GVC's existing financing with a new EUR250m Unsecured Loan at materially lower rates of interest. This together with existing cash resources will enable the Group to repay the outstanding balance of the Cerberus Loan, being EUR386.5m, which the Group intends to do shortly before 2 February 2017 (the anniversary date of the full draw down of the Cerberus Loan). As a result of this and continued positive trading, the Board is pleased to announce the Group intends to pay a special dividend of 10 euro cents per share in February 2017 in respect of the 2016 financial year. An announcement containing further details of the proposed special dividend, including record and payment dates, will be made in due course.

Dividend Policy

Absent of any significant capital allocations or investments and consistent with maintaining appropriate capital ratios, the Group plans to adopt a dividend policy of distributing 50% of annualised free cash flow, commencing financial year ending 31 December 2017. It is expected that payments will be biannual with an approximate split of 40%:60% between the interim and final payment. Furthermore, the Board will also consider returning any future excess cash to shareholders in the form of special dividends and/or share buybacks. Excess cash will be determined by the capital requirements of the business, together with the trading outlook at the appropriate time.

Trading

-- Pro forma Group daily NGR for the quarter ended 30 September 2016 increased 12% on the previous year (+15% in constant currency)

-- Sports gross win margin was 10.5% in Q3 (9.3% Q3 2015), with daily amounts wagered 3% higher year-on-year (+5% in constant currency)

-- Games/other daily NGR also showed good growth over the same period in 2015, +12% (+15% constant currency)

 
 Per day            Q3-16    Q3-15    Change    Constant    Q2-16    Q1-16    Q4-15 
  in EUR000's                          actual    currency 
 Sports wagers      11,394   11,078     3%         5%       12,556   13,045   12,350 
 Sports margin       10.5%     9.3%                           9.9%     8.4%     8.6% 
 Sports NGR            962      860     12%        14%         965      856      860 
 Gaming/Other 
  NGR                1,445    1,295     12%        15%       1,520    1,514    1,479 
-----------------  -------  -------  --------  ----------  -------  -------  ------- 
 Total NGR 
  per day            2,407    2,155     12%        15%       2,485    2,370    2,339 
 Total NGR 
  EURm               221.5    198.3     12%        15%       226.2    215.6    215.2 
 

Trading in Q4 has begun positively with pro forma Group daily NGR up 8% (+10% constant currency) for the period up to 31 October 2016. This performance is particularly pleasing given the tough comparative, with pro forma Q4 being the strongest period in 2015.

The Group intends to announce full year results on Thursday 23 March 2017.

Kenneth Alexander, CEO, said:

"As we did following the Sportingbet acquisition, through the rapid integration of bwin.party and a solid trading performance, GVC expects to recommence the payment of dividends ahead of schedule. Our shareholders have been highly supportive and it is pleasing to be able to reward them with a dividend sooner than we had originally anticipated. Trading has continued to be positive and with our proprietary technology, strong brands and talented people we are confident that GVC is well placed to deliver in a market that presents many opportunities and challenges."

The information contained within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014. Upon the publication of this announcement, this inside information is now considered to be in the public domain.

- ends -

For further information:

 
 GVC Holdings PLC 
                                                Tel: +44 (0) 1624 
 Kenneth Alexander, Chief Executive                       652 559 
 Richard Cooper, Group Finance Director 
  Nick Batram, Head of Investor Relations    Tel: +44 (0) 20 7337 
  & Corporate Strategy                                       0110 
 
 
 Cenkos Securities plc 
 Mark Connelly, Jeremy Osler, Camilla Hume   Tel: +44 (0) 20 
                                                   7397 8900 
 
 
 Investec Bank plc 
 Garry Levin, Chris Treneman, Carlton   Tel: +44 (0) 20 7597 
  Nelson                                                4000 
 

Media enquiries:

 
 Bell Pottinger 
 David Rydell, James Newman, Anna Legge,   Tel: +44 (0) 20 
  Laura Jaques                                   3772 2500 
 

About GVC Holdings PLC

GVC Holdings PLC is a leading e-gaming operator in both B2C and B2B markets. GVC has four business segments with a number of brands; Sports labels (bwin, Sportingbet, gamebookers), Gaming labels (partypoker, partycasino, Foxy Bingo, Gioco Digitale, CasinoClub), B2B and non-core assets. GVC acquired bwin.party digital entertainment plc on 1 February 2016. The Group, headquartered in the Isle of Man, is a constituent of the FTSE 250 index and has licences in more than 15 countries.

For more information see the Group's website: www.gvc-plc.com

This information is provided by RNS

The company news service from the London Stock Exchange

END

MSCUURWRNVAARAA

(END) Dow Jones Newswires

November 03, 2016 03:00 ET (07:00 GMT)

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