Bwin.party returns to sales growth ahead of GVC deal as it bets on “strong” performance in 2016
Bwin.Party Digital said today that it had returned to sales growth, ahead of its widely anticipated deal with Irish rival GVC.
The Gibraltar-based company said revenue grew five per cent on an annual basis in the fourth quarter of 2015, driven by its sports betting and casino businesses which enjoyed strong performances, particularly mobile.
Bwin also bet that it will put on a "strong" performance in 2016, thanks to the Euro Championship and deal with GVC.
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"Based upon recent trading performance, the forthcoming Euro Championship in 2016 and the full year benefit of cost savings already achieved in 2015, the board believes that the group's prospects are strong, and these will be enhanced yet further by the proposed combination with GVC," it said in a trading statement to the London Stock Exchange.
It also expects the £1.1bn merger deal with GVC to complete by 1 February, subject to the prior approval of the Court of Gibraltar.
Bwin had been the subject of a long-running tug-of-war between 888 Holdings and GVC as the two companies sought to grow and improve their economies of scale in the face of increased regulation.