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Gala Coral Financials Show Solid Growth

Internet betting firm Gala Coral Group has released its latest quarterly results, noting strong growth despite poor football outcomes in its sports wagering sector.

Key financial indicators for the quarter ending January 18th, 2014 were:

  • Turnover was 12% ahead of last year and gross profit was £13.8 million or 6% ahead.

  • EBITDA was £60.5 million, 2% ahead of last year despite the adverse impact of exceptional football losses.

  • Underlying year on year growth of £11.8 million or 20%.

  • Coral Retail's gross profit was £5.3 million or 4% ahead of last year.

  • Online showed strong gross profit growth, up £11.1 million or 4.3% versus last year.

Corporate highlights for the quarter were:

  • EBITDA (Pre-exceptionals) of £10.3 million, up £3.1 million or 43%.

  • Customer growth of 60% in Coral.co.uk, 18% in Eurobet.it, 18% in galabingo.com and 142% in Galacasino.com

  • Gross profit of £11.1 million.

  • Marketing investment of £6.3 million and a 17% increase in other operating costs.

  • Coral.co.uk sports stakes were £55.6 million or 92% ahead of last year.

  • Adverse football results are estimated to have reduced gross profit by £3.8 million

  • Gaming stakes in Coral.co.uk were 124% ahead of last year .

  • Coral.co.uk gross win was £8.7 million or 146% ahead at £14.7 million.

  • Mobile penetration in Coral.co.uk increased by 24.6 pp to 62% of actives and is expected to increase further following the launch of a new iPad app at the end of the month.

  • Eurobet.it total gross win was £2 million, a 23% increase over last year.

  • Eurobet.it sports stakes were £7.6 million or 28% ahead

  • Eurobet.it gaming stakes were £64.4 million or 51% ahead

  • Eurobet.it mobile penetration grew, with 45% of actives accessing the site through a mobile device, helping drive an increase in sports betting market share to 9.8%.

  • Galabingo.com actives were 19% up over last year resulting in £56.2 million or a 20% increase in stakes.

  • Galabingo.com reported a £2.9 million or 15% increase in gross win.

  • Galabingo.com mobile penetration increased by 45%.

  • Galacasino.com showed a 142% increase in active customers driving a 165% increase in stakes and a £4.1 million (140%) increase in gross win.

  • Galacasino.com mobile penetration increased to 28%.

  • Across the two Gala branded websites gross win totaled £29.4 million

Commenting on his company's performance Gala Coral Group CEO Carl Leaver said, “The Group delivered strong underlying EBITDA (pre-exceptionals) growth in the quarter, as we continued to leverage the investments we have made over the last two years, particularly in online and in Italy . Active customers numbers are increasing strongly across all our online websites and spend per head is exceeding our expectations."

"This clearly demonstrates that with market leading brands and technology we can achieve significant growth from this business in the years to come."

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