Retail and online betting giant Ladbrokes has released its half year trading update last week, with the company's CEO revealing a three year plan that includes plans for its recent purchase of Gala Coral.
The trading update included the following highlights:
Overall group net revenue up 1.3 percent to GBP585.4 million (excluding high roller activity;
Digital revenue up 6.9 percent to GBP112.2 million, but despite this the division reported a loss of GBP11.5 million, well down from the GBP 3 million profit recorded in the same period in 2014;
UK retail revenue up 3.2 percent to GBP410.5 million;
UK retail operating profit down 1.2 percent to GBP 56.9 million,
European retail revenue up 1.7 percent percent to GBP60 million;
Core telephone betting operations 53.4 percent down at GBP 2.7 million;
Group operating profit down 32 percent to GBP38.9 million, due to UK p.o.c. and machine game taxes and poor sportsbook margins.
The company will plan to aggressively expand its operations, with the goal being that at least 20% of the business will be based on digital betting.
Commenting on his company's plans Ladbrokes CEO Jim Mullen said, "Today I am announcing an aggressive three-year investment programme to build our UK Retail, Digital and Australian recreational customer base. I also intend to restore our passion and pride of being at the heart of sportsbetting in our culture and all that we do."
"Current trading shows how results have continued to favour our customers but the underlying customer metrics, on which we have built our strategy, provide strong support for this plan."