March 17, 2020 / 2:03 PM / 13 days ago

GVC forecasts further hit to earnings after horse racing events suspended

FILE PHOTO: A sign hangs outside a branch of Ladbrokes in London, Britain December 22, 2017. REUTERS/Simon Dawson/File Photo

(Reuters) - Ladbrokes owner GVC (GVC.L) said on Tuesday it expects its fiscal 2020 monthly core earnings to be lower by 20 million pounds to 25 million pounds, as the coronavirus outbreak has forced suspension of all horse racing events in the UK until the end of April.

The bookmaker had said on Monday its full-year core earnings may be lowered by 130 million pounds to 150 million pounds, if all football and horse racing events get cancelled or postponed.

Shares in the company were down 15.7% at 311.8 pence by 1345 GMT.

Reporting by Tanishaa Nadkar in Bengaluru; Editing by Vinay Dwivedi

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