Winvia Entertainment upgrades outlook following strong first half

Winvia Entertainment PLC on Monday raised its earnings expectations following a strong first-half performance, as it announced the acquisitions of Giveaway Guys and Win Life Competitions.

The London-based technology-led entertainment business, focused on the UK prize draw market and regulated Romanian online gaming market, reported pretax profit of £12.9 million for the six months ended June 30, nearly trebling from £4.4 million a year earlier.

Revenue rose 43% to £119.7 million from £76.9 million, with online gaming revenue increasing 55% to £88.7 million from £57.3 million, driven by an increase in active customers.

Partly offsetting the revenue growth, cost of sales rose 61% to £50.5 million from £31.3 million.

Following the strong first-half performance, Winvia upgraded its full-year earnings before interest, tax, depreciation and amortisation expectations to above current market expectations of £37.1 million. It did not provide a new figure.

Chief Executive Officer Mihai Manoila said: "Winvia delivered a strong first half, maintaining the positive trajectory with which we entered the year. The investments made in Prize Draw Competitions, alongside the continued strength and cash generation of Online Gaming, have positioned the group well for the second half and beyond. We are confident that current momentum will continue and accordingly we are pleased to be upgrading full year expectations."

Looking ahead, Manoila highlighted the "significant contribution" expected from Prize Draw Competitions in the second half, as well as the acquisition of Rev Comps and the company's partnership with Aston Villa Football Club.

Separately, Winvia said it has completed the acquisition of Giveaway Guys and Win Life Competitions for £15.5 million on completion, with a deferred payment of £3.6 million due on the first anniversary.

Manoila hailed the acquisition as "another significant step in delivering our strategy to build a leading position in the UK prize draw market."

Shares in Winvia Entertainment were up 13% at 278.90 pence each on Monday morning in London.

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