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TOP NEWS: GVC Expects Tighter Lockdown Restrictions To Hurt Earnings

Mon, 2nd Nov 2020 09:31

(Alliance News) - GVC Holdings PLC on Monday guided for a hit to earnings as a result of renewed lockdown restrictions in the UK and Europe.

The FTSE 100 betting shop operator said the hit to group earnings before interest, taxes, depreciation and amortisation would be GBP37 million, based on the restrictions and guidelines currently in place.

Of this figure, GBP27 million would be down to its UK retail unit, and GBP10 million from its European business.

The current restrictions include stores being closed in England from Thursday to December 3, Scotland and Northern Ireland stores remaining open, Welsh stores set to reopen on Monday next week and all stores closed in the Republic of Ireland until December 9.

In Europe, stores are closed in Italy and Belgium until November 24 and December 13 respectively.

Should all of GVC's retail outlets be closed for a whole month, it would inflict a GBP43 million hit to the group's Ebitda.

Of this figure, GBP34 million would come from the group's UK business, and GBP9 million from its European arm.

Crucially for GVC, football fixtures in England are set to continue, despite the new restrictions.

For 2019, GVC's underlying Ebitda came up to GBP761.1 million.

Shares in GVC were down 1.5% at 951.80 pence on Monday in London.

By Dayo Laniyan; dayolaniyan@alliancenews.com

Copyright 2020 Alliance News Limited. All Rights Reserved.

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