(Alliance News) - Online bingo and casino operator Gamesys Group PLC on Tuesday said strong fourth-quarter performance means profit and revenue will be at the top end of guidance.
Gamesys began operating in its current guise in the autumn of 2019. It was formed by JPJ Group's GBP490 million purchase of Gamesys Holdings Ltd.
Shares were up 3.3% on Tuesday morning in London at a price of 749.90 pence each, giving it a market value of just over GBP800 million.
Trading in the last quarter of 2019 was "strong", the company noted, meaning pro-forma revenue and adjusted earnings before interest, tax, depreciation, and amortisation are set to be towards the top end of market expectations.
Pro-forma means results will assume the acquired Gamesys brands had been part of the company for the entirety of 2019 and 2018.
London-headquartered Gamesys said operational focus was not distracted by the merger, with good progress made in the UK and "strong growth" achieved overseas.
Chief Executive Lee Fenton commented: "2019 was a truly transformative year as the JPJ and Gamesys businesses were reunited, creating a combined group with strong global brands, complete operational control and ownership of our technology platforms.
"Despite the intensive endeavours this required, the group's focus on operational execution has not diminished and we are extremely pleased with the performance during the year. As we enter 2020, we remain in a strong position to continue to deliver growth and to create value for shareholders."
By George Collard; georgecollard@alliancenews.com
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