GVC reports lower revenues as CEO Alexander retires

(Sharecast News) - GVC Holdings reported a fall in net gaming revenue as coronavirus lockdowns forced store closures.
The company on Thursday also announced the departure of chief executive Kenneth Alexander, who planned to retire after 13 years in the job, to be succeeded by chief operating officer Shay Segev on Friday.

The owner of Bwin, Coral, Eurobet and Ladbrokes said gaming revenue for the second quarter fell 22%, and added that it expected first-half core earnings to be £340m - £350m.

Online net gaming revenue for the second quarter rose 22%, but this was offset by an lower retail revenue. UK retail net gaming revenue plunged 86% on a like-for-like basis, the company said.

GVC said all stores in England reopened on June 15 with Wales, Northern Ireland and Scotland following later in the month with an "encouraging" early response from customers.

First-half net gaming revenue fell 11%, but online revenue grew 19%.