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Gala Coral Releases Trading Update

UK gaming company Gala Coral has released its first quarter 2016 financial results, noting a revenue increase of 16% when compared to the same period last year.

Key financial indicators for the first quarter ending January 16th, 2016 were:

  • Net revenues of £333.3 million, up 16% from the same period last year.

  • EBITDA of £62.4 million, up 14% from the same period last year.

  • Online operations saw revenues of £18.5 million, up from £6.6 million from the same period last year.

  • Coral.co.uk revenues of £47.6 million, up 69% from the same period last year.

  • Retail EBITDA of £40.7 million

Commenting on his company's performance Gala Coral CEO Carl Leaver said, "The Group posted another strong quarter of growth with EBITDA £7.9m or 14% ahead of last year. After adjusting for incremental regulatory costs, underlying EBITDA was £23.1m or 59% ahead driven by continued momentum in all divisions and improved football results."

"Online growth was strong driven by CRM-led reductions in churn and high levels of customer acquisition at market leading costs-per-acquisition. Multichannel continues to play a key role in driving both customer acquisition and retention as customers embrace the unique features of our Connect offering. Coral Retail saw positive OTC stakes growth and a good machines performance. Strong growth in Eurobet Retail was helped by the relocation of 250 shops to more profitable locations."

"We continue to work constructively with the Competition and Markets Authority as it progresses through phase 2 of its review of the proposed merger with Ladbrokes PLC. Timescales are in-line with our expectations, with the next key milestone being the CMA's announcement of its provisional findings, and if required, proposed remedies, in mid-to-late April."

"A final decision is due by 24th June. In the meantime, our teams remain firmly focused on the execution of our strategy. We are confident that we are very well placed for the year ahead."

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bgsharpe
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3 March 2016 - 11:29pm
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Really huge growth in numbers for Gala Coral. For me is interesting if this potential merger with Ladbrokes will be realized in the end, obviously one of these companies doing great and the other not so much.

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