Betting firm Gala Coral has posted its first quarter 2015 financial results, noting gross profit increases of 5% thanks in large part to online gambling.
Key financial indicators for the period ending January 17, 2015 were:
Total Group Opco EBITDA GBP 6.8 million or 11 percent ahead of last year
Gross profit of GBP 267.4 million was GBP 12.3 million or 5 percent ahead of last year primarily driven by Online.
Online EBITDA 19 percent ahead (53 percent ahead pre Point of Consumption tax) with Coral.co.uk stakes 74 percent ahead, Galabingo.com stakes 34 percent ahead and Eurobet.it sports stakes 44 percent ahead.
Volume growth in Eurobet Retail (sports stakes +22 percent) offset by weak sports margins
Gala Retail EBITDA 66 percent ahead – driven by the bingo duty benefit and 4 percent increase in spend-per- head
Commenting on the release Gala Coral Group CEO Carl Leaver said, “The Group has continued to leverage the investments it has made in its key drivers of growth: Online, Multichannel and Italy, delivering an increase in EBITDA of GBP 6.8 million or 11% percent compared to the same quarter last year. This was despite some very poor football margins in both the UK and Italy."