March 16, 2020 / 2:33 PM / 21 days ago

BRIEF-GVC Says COVID-19-related Sports Cancellations May Hit 2020 Profits By 130-150 Mln STG

March 16 (Reuters) - GVC Holdings PLC:

* GVC HOLDINGS PLC - IMPACT OF SPORTING CANCELLATIONS

* GVC HOLDINGS PLC - IT IS CLEAR THAT A SIGNIFICANT REDUCTION IN SPORTING EVENTS WILL HAVE A MATERIAL IMPACT ON EBITDA IN CURRENT FINANCIAL YEAR

* GVC HOLDINGS PLC - DIFFICULT TO QUANTIFY PRECISE IMPACT ON EARNINGS DUE TO COVID-19

* GVC- IN FINANCIAL YEAR TO 31 DECEMBER 2019, ABOUT 45% OF GROUP NGR GENERATED FROM SPORTING EVENTS, WITH 43% OF ONLINE NGR GENERATED FROM SPORTS

* GVC - ASSUMPTIONS WOULD MEAN THAT THERE WILL BE SUBSTANTIALLY FEWER SPORTING EVENTS THROUGH TO AUGUST 2020

* GVC - ON BASIS OF MODELLED SCENARIO, EBITDA FOR FINANCIAL YEAR ENDING 31 DECEMBER 2020 WILL BE REDUCED BY APPROXIMATELY £130M - £150M

* GVC - IF SHOPS IN UK ARE CLOSED, ANTICIPATE IT WOULD INCREMENTALLY REDUCE EBITDA BY ABOUT£45M - £50M/MONTH Source text for Eikon: Further company coverage:

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