GVC confirms appointment of Paul Miles as CFO

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Credits: GVC

GVC Holdings announced that Richard Cooper will step down as chief financial officer.

Isle of Man.- As GVC Holdings declared that it was able to achieve “significant” growth in the six months to June 30, the company also announced that Richard Cooper will step down as chief financial officer. GVC confirmed Cooper will leave his role in February 2017 in order to pursue private business interests.

Paul Miles, who is to join GVC from consumer credit group Wonga, will replace Cooper. Miles previously served as financial controller at insurance firm RSA Group and as acting group finance director of life assurance operator Phoenix Group.

“I’m delighted that Paul will be joining us and feel his skills and experience are an ideal match for a business of our international scale and ambition,” said Lee Feldman, non-executive chairman of GVC. “Richard has been a key part of the GVC story over the past eight years and I personally would like to thank him for his significant contribution and wish him all the very best for the future.”

In terms of growth, on a pro forma basis, net gaming revenue in the first half totalled €441.8 million, up 8 percent on the €408.4 million posted in the same period last year. Sports betting continues to serve as the main source of income for the company, with pro forma sports wagers up 4 percent year-on-year to €2.3 billion. GVC also noted a 55 percent increase in mobile sports wagers, with casino and games also up by 98 percent. Pro forma clean earnings before interest, tax, depreciation and amortisation was also up by 42 percent to €104.4 million, while adjusted profit before tax jumped from €21.8 million to €51.3 million.