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Third quarter 2015 trading update

28 Oct 2015 07:00

RNS Number : 6668D
bwin.party digital entertainment
28 October 2015
 



28 October 2015

 

bwin.party digital entertainment plc

('bwin.party' or the 'Company' and, together with its subsidiaries, the 'Group')

 

Third quarter 2015 trading update

 

Key points

 

· Clean EBITDA for the nine months ended 30 September 2015 up 5% to €79.8m (2014: €76.1m). Excluding EU VAT and UK point of consumption tax ('POCT'), Clean EBITDA would have increased by 26%

· Total revenue in the nine months to 30 September 2015 down 8% to €429.9m (2014: €465.8m) reflecting the absence of a major football tournament, the sale of non-core businesses and the impact of EU VAT

· Sports betting turnover in the nine months to 30 September 2015 up on the same period last year, despite no World Cup. Sports margin has recovered from the first half, although still lower than last year

 

 

· Original target of €15m reduction in administration expenses for this year already met at end of third quarter. Further savings anticipated in Q4

· Current trading[1] has been strong with average daily revenue of €1,484,300, up 9% (2014: €1,372,100); excluding EU VAT, total net revenue is up 12%

 

 

Commenting on today's announcement, Norbert Teufelberger, CEO, said:

 

"Whilst our year-on-year revenue performance has been held back by the impact of EU VAT and the absence of a major football tournament, we have a made a strong start in the fourth quarter, particularly in sports betting and casino. Our operating and financial performance is continuing to improve on the back of the changes that we initiated in previous periods - we have already achieved our full year target for cost savings of €15m and anticipate making further savings in Q4.

 

"Despite the impact of the introduction of VAT in a number of EU markets, as well as the POCT that was introduced on 1 December 2014, our Clean EBITDA for the nine months ended 30 September is 5% ahead of the same period last year. Excluding the impact of EU VAT and the POCT, Clean EBITDA would have been €96.1m, an increase of 26% on the same period last year.

 

"Current trading has been strong, despite the impact of EU VAT and further declines in poker. With solid progress on expanding our mobile footprint and the full year benefit of the cost savings already made, we remain confident about the outlook."

 

Full details of all of the Group's quarterly KPI data by segment will be made available for download at the Group's website at http://www.bwinparty.com later today.

 

 

Recommended offer by GVC Holdings PLC

 

On 4 September 2015, it was announced that GVC and bwin.party had reached agreement on the terms of a recommended offer by GVC to acquire the entire issued and to be issued share capital of bwin.party.

 

The requisite shareholder documents associated with the transaction are well-advanced and it is expected that they will be posted to shareholders shortly, enabling the transaction to complete in early 2016.

 

Contacts:

bwin.party digital entertainment plc 

Investors

Peter Reynolds +44 (0) 20 7337 0177

 

Media

Jay Dossetter +44 (0) 20 7337 0134

 


[1] Period from 1 October to 24 October inclusive.

This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
TSTUWSNRVKARURA
Date   Source Headline
1st Feb 201612:14 pmRNSScheme effective
1st Feb 201611:12 amRNSForm 8.5 (EPT/RI) Bwin Party Digital Entertainment
29th Jan 201611:14 amRNSForm 8.5 (EPT/RI) Bwin Party Digital Entertainment
29th Jan 201610:43 amRNSScheme sanctioned / Suspension of BPTY Shares
28th Jan 201610:43 amRNSForm 8.5 (EPT/RI) Bwin Party Digital Entertainment
27th Jan 201610:09 amRNSForm 8.5 (EPT/RI) Bwin Party Digital Entertainment
26th Jan 201611:06 amRNSForm 8.5 (EPT/RI) Bwin Party Digital Entertainment
25th Jan 201611:13 amRNSForm 8.5 (EPT/RI) Bwin Party Digital Entertainment
22nd Jan 201611:30 amRNSForm 8.5 (EPT/RI) Bwin Party Digital Entertainment
21st Jan 201611:56 amRNSForm 8.5 (EPT/RI) Bwin Party Digital Entertainment
20th Jan 201611:46 amRNSForm 8.5 (EPT/RI) Bwin Party Digital Entertainment
19th Jan 201611:49 amRNSForm 8.5 (EPT/RI) Bwin Party Digital Entertainment
18th Jan 201612:30 pmRNSForm 8.5 (EPT/RI) Bwin Party Digital Entertainment
15th Jan 20164:06 pmRNSHolding(s) in Company - JPMorgan Chase & Co
15th Jan 20162:34 pmRNSForm 8.3 - bwin.party digital entertainment plc
15th Jan 201612:17 pmRNSForm 8.5 (EPT/RI) Bwin Party Digital Entertainment
14th Jan 201612:39 pmRNSForm 8.5 (EPT/RI) Bwin Party Digital Entertainment
14th Jan 201612:00 pmRNSConfirmation of Transaction Timetable
13th Jan 20161:25 pmRNSForm 8.5 (EPT/RI) Bwin Party Digital Entertainment
13th Jan 201612:19 pmRNSForm 8.3 - bwin.party digital entertainment plc
12th Jan 20161:58 pmRNSForm 8.3 - bwin.party digital entertainment plc
12th Jan 201612:09 pmRNSForm 8.5 (EPT/RI) Bwin Party Digital Entertainment
12th Jan 201610:20 amRNSHolding(s) in Company - JPMorgan Chase & Co
11th Jan 201612:35 pmRNSForm 8.5 (EPT/RI)Bwin Party Digital Entertainment
8th Jan 201612:12 pmRNSForm 8.5 (EPT/RI) Bwin Party Digital Entertainment
7th Jan 20161:39 pmRNSForm 8.3 - bwin.party digital entertainment plc
7th Jan 201611:59 amRNSForm 8.5 (EPT/RI) Bwin Party Digital Entertainment
7th Jan 20169:31 amRNSHolding(s) in Company - Orbis Allan Gray Limited
6th Jan 20161:58 pmRNSForm 8.3 - bwin.party digital entertainment plc
6th Jan 201612:31 pmRNSForm 8.5 (EPT/RI) Bwin Party Digital Entertainment
5th Jan 201612:18 pmRNSForm 8.5 (EPT/RI) Bwin Party Digita Entertainment
5th Jan 20167:00 amRNSPre-close trading update
4th Jan 201611:36 amRNSForm 8.5 (EPT/RI) Bwin Digital Party Entertainment
31st Dec 201512:07 pmRNSForm 8.3 - bwin.party digital entertainment plc
31st Dec 201511:30 amRNSTotal Voting Rights
31st Dec 201511:00 amRNSForm 8.5 (EPT/RI) Bwin Party Digital Entertainment
30th Dec 201512:50 pmRNSForm 8.5 (EPT/RI) Bwin Party Digital Entertainment
29th Dec 20152:33 pmRNSForm 8.3 - bwin.party digital entertainment plc
29th Dec 20152:31 pmRNSHolding(s) in Company - Norges Bank
29th Dec 201512:00 pmRNSForm 8.5 (EPT/RI) Bwin Party Digital Entertainment
24th Dec 201511:40 amRNSForm 8.5 (EPT/RI) Bwin Party Digital Entertainment
23rd Dec 20151:11 pmRNSForm 8.3 - bwin.party digital entertainment plc
23rd Dec 201512:22 pmRNSForm 8.5 (EPT/RI) Bwin Party Digital Entertainment
22nd Dec 20152:59 pmRNSForm 8.3 - bwin.party digital entertainment plc
22nd Dec 20151:06 pmRNSForm 8.5 (EPT/RI) Bwin Party Digital Entertainment
21st Dec 20153:02 pmRNSForm 8.3 - bwin.party digital entertainment plc
21st Dec 201511:44 amRNSHolding(s) in Company - Janus Capital Management
21st Dec 201511:21 amRNSForm 8.5 (EPT/RI) Bwin Party Digital Entertainment
18th Dec 20151:14 pmRNSForm 8.3 - bwin.party digital entertainment plc
18th Dec 201511:24 amRNSForm 8.5 (EPT/RI) BWIN Party Digital Entertainment

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