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GVC feels pain following triennial review

GVC feels pain following triennial review

The government’s triennial review, and the cut to maximum stakes on fixed-odds betting terminals that resulted, has hit the gambling industry hard. However, for GVC (GVC) it hasn’t hit as hard as expected. The group saw a £118m hit to UK retail’s adjusted cash profits due to the review, but it now plans to close 450 of its shops, less than half those originally anticipated. It was enough for management to award a bonus of £2.5m to be shared among its ‘front-line’ staff. Strip out the impact of the review and incremental taxes and the group’s online adjusted cash profits were up 20 per cent, while UK retail was up 5 per cent. 

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