Bwin.party ends year on high ahead of takeover

Bwin.party ended its financial year on a high, ahead of its final results and takeover by GVC Holdings.

The FTSE 250 online gambling company, in a market update on Tuesday, said its fourth quarter net revenue was up 5% on the previous year, driven primarily by sports betting and casino games through mobile channels.

Bwin.party said EU VAT, introduced in some of its main markets in a year ago, did have an impact on the company, and without it the growth in net revenue would have been 8%.

The firm was also looking forward to a payment of approximately €10m through the sale of Visa Europe to Visa International. Bwin.party's subsidiary Kalixa Payments is a principal member of Visa Europe.

Bwin.party is scheduled to be acquired by AIM-listed GVC Holdings on 1 February, after shareholders approved all recommended resolutions surrounding the deal at an extraordinary general meeting on 15 December 2015.

The acquisition still required the approval of the courts in Gibraltar, pending which shares in the new GVC group were expected to be admitted to the London Stock Exchange at 0800 GMT on 2 February.

"Based upon recent trading performance, the forthcoming Euro Championship in 2016 and the full year benefit of cost savings already achieved in 20156, the board believes that the group's prospects are strong, and these will be enhanced yet further by the proposed combination with GVC Holdings", the board said in a statement.