Business World

Friday 18 October 2019

Ladbrokes owner GVC posts €22m loss for 2018

Ladbrokes (Stock photo) Photo: PA
Ladbrokes (Stock photo) Photo: PA Business Desk

Ladbrokes owner GVC has posted an £18.9m (€22m) pre-tax loss for 2018.

Revenue grew 8pc to £2.9bn on a reported basis and was up 8pc proforma at £3.5bn, driven by a strong World Cup and online.

Boss Kenneth Alexander said: "2018 was a transformational year for the group with the completion of the Ladbrokes Coral acquisition in March making the group the largest online-led sports-betting and gaming operator in the world.

"Excellent operational execution, effective marketing and a good World Cup helped both the legacy GVC and the acquired Ladbrokes Coral businesses perform ahead of expectations and materially ahead of the market, delivering market share gains in all our major territories."

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