Director dealings: GVC brass sell £20m of shares
GVC chief executive Kenny Alexander and non-executive chairman Lee Feldman disposed of £20m worth of ordinary shares in the FTSE 100-listed gambling business on Monday.
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Jack, who took over as CEO back in 2007, sold 1.39m ordinary shares at an average price of 954p, for a total value of £13.32m.
Feldman disposed of 732,382 at 954p each for a total of £6.98m.
GVC Holdings posted a jump in half-year pre-tax profit in September as revenue rose amid strong momentum in the online and European retail segments and thanks to a boost from the World Cup, as it identified further cost savings from its Ladbrokes Coral acquisition.
In the six months to 30 June, underlying pre-tax profit increased to £162.1m from £64.4m, with revenue up 8% on a pro-forma basis to £1.1bn and net gaming revenue also up 8% at £1.13bn, driven by Online and European Retail. During the period, the World Cup contributed £35.2m of net gaming revenue pre-substitution, with 65% of the marketing spend falling in the first half.
During the half, online net gaming revenue was up 20% at constant currency, online sports revenue was 21% higher and games revenue was up 15%.
As of 1630 BST, GVC shares were up 2.34% to 940p.
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Director name: Alexander,Kenneth Jack
Amount sold: 1,397,172 @ 954.00p
Value: £13,329,020.83
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Director name: Feldman,Lee
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Value: £6,986,924.25
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Director name: Saatchi,Maurice N
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