(Alliance News) - GVC Holdings PLC on Wednesday expressed confidence in its long-term prospects amid high demand following the reopening of its betting shops.
Ahead of its annual general meeting, the Isle of Man-headquartered bookmaker said it responded swiftly when sports events were cancelled and retail outlets were closed in mid-March, which resulting in it achieving its target of operating at cash neutral through the period.
GVC also noted that it has increased its financial flexibility through a relaxation of the covenants on its revolving credit facility.
Throughout the lockdown period, the FTSE 100-listed company said its online gaming businesses continued to trade strongly, and it is seeing the resumption of sporting events across its business, with sport volumes returning in line with expectations.
"Our retail outlets in England have now been open for a little over a week, albeit with extensive social distancing measures in place, and we are encouraged by the early signs as customers return to the high street. As a result, GVC is well positioned to emerge from this period in a position of financial and operational strength," said Chair Barry Gibson.
"While the economic outlook around the world remains uncertain, the resilience of our performance during this hugely challenging period and the extraordinary loyalty, dedication and hard work that our teams around the world are showing mean that we remain as confident as ever in GVC's long-term prospects," added Gibson.
GVC said it will publish a further trading update on July 16.
The stock was trading 1.5% higher in London on Wednesday at 800.00 pence each.
By Evelina Grecenko; evelinagrecenko@alliancenews.com
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