Bundesliga

UPDATE 2-Ladbrokes owner H1 profit dips but outlook upbeat on online betting surge – Reuters

* H1 online gaming revenue up roughly 20%

* Overall EBITDA slips 5% to 348.6 million pounds

* Interim dividend scrapped

* Forecasts FY profit of 720-740 mln pounds, above estimates (Writes through, adds shares, analyst comments, background)

By Pushkala Aripaka

Aug 13 (Reuters) – Ladbrokes and bwin brand owner GVC reported lower first-half core profit on Thursday, while forecasting growth for the rest of the year as its online betting business flourishes and the company looks to cash in on a growing U.S. market.

Betting shop closures and sport events cancellations during the COVID-19 lockdowns hurt overall revenue, but GVC’s online sales jumped nearly 20%, with growth in both sports and gaming categories and double-digit growth across major markets.

It now expects full-year underlying core profit to be between 720 million pounds and 740 million pounds, down from 761 million it reported last year, but above a company supplied consensus estimate of 715 million pounds.

The company also scrapped its interim dividend and its shares fell almost 1% to 778 pence by 0813 GMT, having risen as much as 3% earlier in the day.

Online profits surged 53% to 368.6 million pounds ($481.80 million), while in Britain like-for-like sales halved on government-mandated restrictions.

“Given the unprecedented trading environment, GVC has delivered an encouraging performance in the first half, underlining the strength of our diversified business model,” new Chief Executive Shay Segev said.

Segev took over from long-time CEO Kenny Alexander in July and the results bode well
Source…