Ladbrokes Coral parent company GVC Holdings announces strong financial results

A boost from this summer's World Cup in Russia helped GVC Holdings, the parent company of Ladbrokes and Coral, record strong financial results for the third quarter of the year – although its UK betting shop estate did not perform so well.

GVC also revealed that chief financial officer Paul Bowtell would be leaving the company next year.

The firm, which completed a multi-billion pound takeover of Ladbrokes Coral in March, reported strong growth in the online sector, with a good second half to the World Cup helping secure net gaming revenue (NGR) growth of 28 per cent.

NGR across the group for the period from July 1 to September 30, was 14 per cent ahead of last year.

However, while its European retail arm recorded NGR growth of 24 per cent, in the UK it fell by two per cent despite the boost of the World Cup.

New kid on the block GVC to join giants after Ladbrokes Coral deal

Chief executive Kenny Alexander said: "The group’s performance in the quarter was very pleasing, with momentum continuing across the online and European retail divisions.

"As highlighted in our H1 [first half of the year] results, we will look to consolidate our position in markets where we are taking market share through the reinvestment of excess returns, and the board is confident in its full-year expectations.

"We believe our sports betting joint venture with MGM is best placed to be the market leader in the US and we have taken the first steps on that journey with the soft launch of our sports betting app in New Jersey."

Alexander added: "We have also recently announced a series of CSR [corporate social responsibility] measures, including a multi-million pound commitment to responsible gambling initiatives and a call for a pre-watershed ban of TV advertising in the UK around football and other live sports.

"The industry continues to evolve and, while there are challenges, there are also many exciting opportunities. Through our proprietary technology, portfolio of brands, leading product and talent, GVC is well placed to continue to deliver shareholder value."

Mega-bucks deal confirmed as GVC and MGM look to dominate US sports betting

Bowtell, previously CFO at Gala Coral and Ladbrokes Coral, will step down on March 5 to take up a role with private equity firm Alchemy Partners.

He will be succeeded by Rob Wood, who has been appointed deputy chief financial officer with immediate effect. Wood was the CFO of the Ladbrokes Coral UK retail business.

Bowtell said: "I have thoroughly enjoyed my time with GVC and I am pleased I can hand over my CFO responsibilities to someone with Rob's experience of the sector and understanding of the group’s business."

GVC in call for advertising ban as part of new problem gambling measures

Analysts at Goodbody were impressed with the update and said in a note: "Overall, this is another strong update from GVC. The group continues to deliver impressive growth rates, particularly in online."

GVC's share price closed up 16p at 945.50p on Thursday.

Members can read the latest exclusive interviews, news analysis and comment available from 6pm daily on racingpost.com