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Don't have an account? Click here to register.Bwin swings to profit; no change to recommendation of 888 offer
Fri, 28th Aug 2015 07:22
(ShareCast News) - Onling gambling group Bwin.Party Digital Entertainment posted a small rise in core first-half earnings and said it swung to a profit despite being impacted by lower revenue and higher taxes..The company, which is currently in the middle of a bidding war between GVC Holdings and 888 Holdings, said earnings before interest, tax, depreciation and amortisation increased 2% from the first half of last year to €47.3m.In the six months ended 30 June, Bwin swung to a profit after tax of €2.9m from a €94m loss in the same period last year.Total revenue fell to €296.5m from 317.1m, reflecting the absence of the FIFA World Cup, lower margins in sports, market declines in poker and the impact of EU VAT in certain markets. Bwin said nationally regulated and/or taxed market represented 60% of total revenue, versus 56% in 2014.The company said it was on track to meet or exceed its €15m incremental cost saving target this year and lifted its interim dividend by 2% to 1.92p from 1.89p.Bwin said that whilst discussions with GVC are ongoing, there has been no change to the board's recommendation for 888's offer.Chief executive officer Norbert Teufelberger said: "Our progress on non-core asset disposals and other cost saving initiatives is running ahead of plan - excluding the impact of EU VAT and UK point of consumption tax, clean EBITDA would have increased by 24%."Based upon our progress in the year-to-date and with the further roll-out of our latest mobile products, the introduction of new CRM tools and planned entry into two new nationally regulated markets later this year, we remain confident about the full year outlook."
More News
11 Jan 2016 15:42
GVC Holdings reports jump in annual revenue ahead of Bwin.party merger
(ShareCast News) - Gaming company GVC Holdings on Monday reported a 10.2% increase in 2015 net gaming revenue to €247.7m (£180.03m) ahead of its merger with Bwin.party. In a trading update for the year to 31 December, the group revealed annual results would be supported by a strong last quarter. Net
Read more6 Jan 2016 15:09
FTSE 250 risers: Oil prices and volatile China sees shares drop
(ShareCast News) - The FTSE 250 was left sitting in a puddle by mid-afternoon Wednesday, down 184.25 points (1.07%) at 17,020.78. Low oil prices were to blame for the second tier market's biggest faller Tullow Oil as well as Cairn Energy. Both Brent Crude and West Texas Intermediate sank below $35 a
Read more5 Jan 2016 07:16
Bwin.party ends year on high ahead of takeover
(ShareCast News) - Bwin.party ended its financial year on a high, ahead of its final results and takeover by GVC Holdings. The FTSE 250 online gambling company, in a market update on Tuesday, said its fourth quarter net revenue was up 5% on the previous year, driven primarily by sports betting and c
Read more5 Jan 2016 07:07
London pre-open: Stocks seen higher as Asia stabilises
(ShareCast News) - London stocks are set to open higher on Tuesday on the back of a stabilisation in Asian markets following heavy losses in the previous session. The FTSE 100 is expected to start 49 points higher than Monday's close at 6,142. "After an initial wobble, shares in Shanghai and Shenzh
Read more22 Dec 2015 16:05
16 Dec 2015 15:28
FTSE 250 movers: Strong trading leads Supergroup to top of the pack
(ShareCast News) - The FTSE 250 was on track to finish the day in the green on Wednesday, up 78.47 points (0.46%) to 17,078.03 by mid-afternoon. Supergroup led the risers after it released its half year report, showing strong trading leading to positive sales growth. The owner of popular faux-Japane
Read more15 Dec 2015 11:04
GVC/bwin.party shareholders approve takeover deal
(ShareCast News) - Online gaming outfit GVC Holdings' takeover of bwin.party digital entertainment moved a step closer on Tuesday as shareholders of both companies approved the deal. bwin.party said 99.99 per cent of shareholders voted in favour of the deal, while 99.91 of GVC's did the same. Both
Read more17 Nov 2015 12:52
Bwin extends supply deal with Danish partner
(ShareCast News) - Bwin.Party Digital Entertainment announced a multi-year extension to its existing B2B supply agreement with Danske Licens Spil, which is the online gaming subsidiary of Danske Spil. The Danske Spil Group is 80% owned by the Danish government and is one of the largest betting and g
Read more10 Nov 2015 08:44
bwin's non-exec director steps down
(ShareCast News) - Daniel Silvers has stepped down from bwin.party's board of non-executive directors, the online gaming group said on Tuesday. Earlier this year, Silvers announced he would leave SpringOwl Asset Management to pursue commercial interests elsewhere. As a result of his decision, he cho
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