(Adds details on earnings, CEO quote)
Aug 13 (Reuters) - Ladbrokes owner GVC said on
Thursday it would not pay an interim dividend after it reported
lower core profit for the first half of 2020, while forecasting
growth in its online business would push profits higher in the
second half.
Store closures and sports events cancellations saw revenue
overall fall but the company's online gaming revenue jumped
nearly 20%, with growth in both sports and gaming revenues and
double-digit growth across its major markets.
Online profits surged 53% to 368.6 million pounds ($481.80
million). However, overall underlying earnings before interest,
taxes, depreciation and amortization (EBITDA) for the six months
ended June 30 slipped to 348.6 million pounds from 366.8 million
pounds a year earlier, on a reported basis.
The company said it now expects full-year underlying core
profit to be in a range of 720 million pounds to 740 million
pounds, down from 761 million last year but above a company
supplied consensus estimate of 715 million pounds.
"Given the unprecedented trading environment, GVC has
delivered an encouraging performance in the first half,
underlining the strength of our diversified business model,"
Chief Executive Officer Shay Segev said.
($1 = 0.7649 pounds)
(Reporting by Pushkala Aripaka and Yadarisa Shabong in
Bengaluru; Editing by Amy Caren Daniel and Patrick Graham)
