StockMarketWire.com - GVC Holdings said Thursday sales grew double-digits in the third quarter amid ongoing momentum across its online and European retail divisions, though sluggish UK retail growth persisted.

The company also announced that it had appointed Rob Wood as Deputy Chief Financial Officer. Wood was expected to succeed Paul Bowtell as GVC's Chief Financial Officer, who would be stepping down on 5 March.

For the three months to 30 September, total group net gaming revenue rose 14% from a year earlier, led by a 28% jump in online gaming revenue and 24% jump in European retail revenue amid strong growth in Italy.

Performance was scuppered somewhat by poor performance from UK retail, where like-for-like revenue fell 2%.

The company said it remained on track to report in-line performance for the full year.

'The Group's performance in the quarter was very pleasing with momentum continuing across the Online and European Retail divisions. As highlighted in our H1 results, we will look to consolidate our position in markets where we are taking market share through the reinvestment of excess returns, and the board is confident in its full year expectations,' said Kenneth Alexander (CEO) said.

'We believe our sports-betting joint venture with MGM is best placed to be the market leader in the US and we have taken the first steps on that journey with the soft-launch of our sports-betting app in New Jersey. We have also recently announced a series of CSR measures including a multi-million pound commitment to responsible gambling initiatives and a call for a pre-watershed ban of TV advertising in the UK around football and other live sports.'




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