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Aug. 13, 2020, 2:40 a.m. EDT

GVC Holdings says profit flat, halts dividend

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By Jaime Llinares Taboada

GVC Holdings PLC on Thursday reported flat profit for the first half and said that it won't pay a dividend for the period.

The FTSE 100 betting-and-gambling group made net profit of 2.1 million pounds ($2.7 million) for the period, in line with GBP2.1 million a year earlier.

However, underlying earnings before interest, taxes, depreciation and amortization declined 5% to GBP348.6 million.

Revenue fell 11% to GBP1.58 billion, it said.

GVC said it won't pay a dividend for the period due to uncertainty around further lockdowns and restrictions. It paid 17.6 pence a share a year earlier.

For 2020 as a whole, the company said it expects to deliver underlying Ebitda of between GBP720 million and GBP750 million, supported by the acceleration of synergies from the acquisition of Ladbrokes Coral, but offset by one-off hits in the noncore businesses.

"The strong performance of the online business coupled with the return of the sporting calendar and the reopening of our retail operations means that the group is well placed for the balance of the year," GVC said.

Write to Jaime Llinares Taboada at jaime.llinares@wsj.com; @JaimeLlinaresT

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