UK gambling giant GVC Holdings lost nearly £141m in 2019, weighed down by the costs of its frantic expansion and regulatory shake-ups.

Figures released Thursday show GVC reported net gaming revenue of £3.65b in 2019, up 22.6% from 2018’s result, while gross profit rose 18.6% to £2.38b, underlying earnings rose 18.7% to £761m and underlying pre-tax profit gained 23.2% to £535.8m. However, after-tax losses hit £140.7m, up from a £56.4m loss in 2018.

The pro forma numbers, which pretend that the official absorption of Ladbrokes Coral operations into the GVC fold happened pre-2018, show revenue rising a more modest 2%, while gross profit dipped 1% and underlying earnings fell 10%. For simplicity’s sake, all figures cited from hereon in are of the pro forma variety.

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