UK based betting giant Gala Coral has released its third quarter 2012 financial results, showcasing increased revenues and EBITDA numbers during the period.
Key financial indicators for the period ending June 30th, 2012 were:
Turnover up 9% year-on-year to £275.2 million
EBITDA up 14% to £7.9 million
Statutory gross profit of £215.4 million - up 11%
Bingo a top performer
OTC gross win up 17%, machine gross win up 9%, driving EBITDA for these divisions up by 23%
Interactive operations recorded a year-on-year growth of 61% in active players for Gala, and a 34% rise for Coral. This boosted gross profit growth by 28% in these divisions, delivering a 13% rise in divisional EBITDA.
Commenting on his company's performance, Gala CEO Carl Leaver said: “This quarter represents solid progress for Gala Coral in our turnaround plans, with the businesses delivering the first real year-on-year growth for the group in several years."
“These results reflect the reinvestment we have made within the group in 2012 and the hard work of management and colleagues across all businesses in delivering growth initiatives. Despite this progress we are still cautious about the economic environment and have seen some weakening in recent trading."
“This quarter also saw the re-launch of Gala Casino.com, the first of the new websites delivered by our strategic re-platforming project. Early results have been positive and this was followed by the re-launch of Gala Bingo.com just after the end of the quarter. We believe these sites will be market-leading offerings and will represent a springboard to growth for the group over the next few years.”