Isle of Man based gambling group GVC Holdings has announced record quarterly net gaming revenue.

The company, headquartered in Athol Street, Douglas, is set to take over Ladbrokes Coral in a deal worth up to £4billion.

GVC said earnings for 2017 would be at the top end of expectations following a run of favourable sports results in the final quarter of the year.

Net gaming revenue for the last three months of 2017 was 279.5 million euros (around £248m.)

As a result NGR for the year as a whole is expected to be around 1.009 billion euros.

Ebitda (earnings before interest, tax, depreciation and amortisation) is expected to be at the top end of management’s expectations.

Chief executive Kenny Alexander said: ‘I’m delighted to report another strong year for the Group with underlying NGR growth of 18 per cent, reflecting the strength of our brands, technology and the hard work of our talented people.

‘We have once again demonstrated our ability to integrate significant acquisitions, realise material synergies and at the same time deliver top line growth.

‘The recommended transaction with Ladbrokes Coral Group presents an exciting opportunity for both sets of shareholders, creating a global gaming group with a portfolio of strong brands across all major regulated online markets, together with proprietary technology and proven management.’

GVC is the owner of Sportingbet and bwin among other brands including Foxy Bingo.

GVC’s takeover of Ladbrokes Coral will create one of the world’s largest gambling companies. GVC is understood to hold important meetings at its office headuarters in Douglas.

Analyst Gavin Kelleher of Goodbody told the Racing Post: ‘This is another very positive update from GVC, which again highlights a strong underlying performance from the group in both sports and gaming.’