GVC shares fall after H1 update: overall revenue down 11%, online up 19%

In its H1 trading update, GVC Holdings posted an 11% fall in net gaming revenue, although online revenue saw a 19% growth for the trading period.

For Q2, online revenue grew 22%, with the company overall attributing its performance to "robust and decisive cost management." GVC did not provide financial totals for revenue, usually only doing so in full-year reports.

The operator's H1 EBITDA is expected to be in the range of £340m-£350m ($426.5-439m).

In news that completely overshadowed GVC's financial results, it was also announced CEO Kenny Alexander will retire from the board and company at GVC after 13 years in the role, to be succeeded by current COO Shay Segev.

The outgoing CEO said: “Given the extraordinary circumstances in which the group is currently operating, delivering double-digit online net gaming revenue growth in all of our major territories is a very strong performance.

"It is a clear testament to the strength and diversification of our business model, the quality of our technology, the enduring appeal of our brands, and the talent, commitment and professionalism of our people.

"We have worked hard to achieve our target of operating at cash neutral throughout the lockdown period, which has enabled the group to retain the necessary financial strength to be able to take advantage of growth opportunities as and when they are presented to it. Our increased investment in BetMGM in the US is a case in point."

GVC's share price fell from £9.15 to £8.60 after this morning's news of both its H1 update and its CEO change.

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