StockMarketWire.com - Sports-betting company GVC said revenue fell by 11% in the first half of the year as weaker performance in retail offset strong online performance.

The company also said that chief executive Kenneth Alexander was set to retire from the company, and would be succeeded by chief operating officer Shay Segev, on 17 July.

For the period 1 January to 30 June 2020, net gaming revenue fell 11% as online net gaming revenue of 19% was offset by a fall in its UK and European retail of 50% and 48% respectively.

The company said it expected earnings before interest, taxes depreciation and amortization (EBITDA) to be in the range of £340m-to-£350m.

In the second quarter, total net gaming revenue fell 22%, though online gaming continued to 'trade ahead of expectations as sports return, albeit below peak levels during the quarter,' it added.





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