Douglas firm positive despite losses
Douglas-based GVC Holdings has overlooked annual losses to deliver an optimistic financial assessment for the year ahead.
The eGaming group, which last year acquired longtime rival Bwin for a record-breaking £1.1bn, reported pre-tax losses of around £119m for 2016.
But this week, it's reported it's raising its annual dividend - and bosses claim they're 'reaping the benefits' of the takeover.
Chief Executive Kenneth Alexander told the Financial Times that the slump was down to purchase costs - and that a positive sports betting book has enabled them to 'return Bwin to growth... with more to come'.
He also hinted at future deals of similar magnitute - adding GVC's 'number one priority' is organic growth, but conceding 'we have built this business on the back of mergers and acquisitions'.
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