GVC warns of potential £43m profit hit from new Covid lockdowns
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16:35 18/04/24
Gambling outfit GVC Holdings warned core earnings could fall by up to £43m as new coronavirus restrictions were imposed on its European shops.
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The company on Monday forecast the impact on earnings before interest, taxes depreciation and amortisation (EBITDA) of current retail closures at £37m, and £43m if all outlets were shuttered for a month.
UK and European retail EBITDA was expected to suffer a hit of £34m and £9m if all outlets closed for a whole month.
Stores in England will close for until December 3 subject to a parliamentary vote on Wednesday. GVC said its shops in Scotland and Northern Ireland currently remain open while those in Wales all stores are currently closed and are expected to re-open on November 9.
In the Republic of Ireland all shops are expected to be closed until 2 December and in Italy all shops - but not corner outlets - are closed until 24 November. Belgian stores are closed until December 13.