StockMarketWire.com - GVC pulled its interim dividend and swung to a first-half profit as strong online gaming revenue partly offset weakness in retail after the sports-betting company closed its outlets following government-imposed lockdown measures.

For the six months ended 30 June 2020, the company reported an underlying pre-tax profit of £24.8m compared with a loss of £12.3m on-year, while revenue fell 10% to $1.58bn.

Online net gaming revenue rose 19%, while UK retail like-for-like (LFL) revenue fell 50%, and European retail revenue fell 48.

Looking ahead, the company said, baring no further material disruptions, it expected the deliver underlying earnings (EBITDA) within a range of £720m-to-£740m for the full year.

The outlook was supported by the acceleration of £20m of synergies from the acquisition of Ladbrokes Coral, offset by one-off impacts in non-core businesses, it added.

'The strong performance of the online business coupled with the return of the sporting calendar and the re-opening of our retail operations means that the group is well placed for the balance of the year,' the company said. Story provided by StockMarketWire.com