Oops...they did it again. Fortunately on gambling company GVC (GVC) I am talking about a profit upgrade. Now admittedly the Q3 trading update is talking about a 'pre-IFRS16 ebitda' but it is going up in terms of the full year guidance to £670-680 million from £650m-670 million, which sits nicely with the August upgrade…
I have written about GVC Holdings (GVC) a number of times this year, after making it one of my tips of the year back in late December. I have been critical on many occasions this year, predominately because of the ludicrous share sale by the Chair and CEO just days after loving up the full year numbers and prospects. Rather appropriately the share sale was at 666p. The number of the beast, indeed! Today's interim numbers read well on an overall basis...
I wailed and gnashed my teeth over betting behemoth GVC (GVC) a month or so ago after the company's CEO and Chair dumped a bunch of shares just days after an excellent results publication...which they also loved up in print and voice at the time. Throw in the terse regulatory news statement and correctly the stock dumped afterwards and has not yet recovered. Moving aside from the satanic aspects of selling shares at 666p (and the CEO having 666,666 shares left!), today's trading update represents the start of a rebuilding phase for the company with UK market investors...
Thin old pickings in today's larger cap regulatory news disclosures but I did read a trading update from Anglo-Irish betting company Paddy Power Betfair (PPB) where it bemoaned recent retail store and Australian performance...but loved up online and the US of A. Well quelle surprise. If there is anything I know about gambling sector stocks it is that (1) most are horribly regressive and it is the relatively poor who are the sources of most of the profits and; (2) there is a big switch from retail to online as with many other areas in life…
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