This week the Gala Coral Group released its first half 2016 financial results, noting that revenues were up 13% when compared to the same time last year.
Key financial indicators for the first half ending April 9th 2016 were:
- Net revenue of £ 604.9 million was £ 70.5 million or 13% ahead of last year;
- Group EBITDA of £124.6 million - up £17.2 million or 16% year-on-year, and up 43% alfter adjusting for regulatory impacts;
- Retail EBITDA of £ 79.3 million - up £ 400,000, mainly from machine net revenue;
- Coral Connect sign-ups accelerated in Q2 with over 160,000 in H1, more than in the whole of FY15. Around 4,000new customers signed up every week;
- Eurobet Retail EBITDA of £ 11.8 million: up £ 4.9 million or 71 percent, with Sports stakes up 20 percent;
- Online EBITDA of £ 37.1 million - up £ 14.5 million or 64 percent, and up 118% after adjusting for regulatory impacts.
Commenting on this company's performance Gala Coral CEO Carl Leaver said, "EBITDA growth of 16% in the first half of the year represents a very satisfactory performance for the Group. After adjusting for incremental regulatory costs, EBITDA was 43% ahead. Growth in the Online division continued to be particularly strong with net revenue 35% ahead of last year, and Coral.co.uk net revenue 58% ahead. Coral Connect, our multichannel offer, continues to be a key driver of growth. Sign-ups in Q2 have accelerated to around four thousand per week as a result of more targeted marketing."
"Total sign-ups since launch now stand at 493,000, with 160,000 being delivered in the first half of the financial year, more than in the whole of FY15. During the second quarter we also re-launched the Coral.co.uk mobile app on a proprietary platform. The transition went extremely well and the new platform provides greater flexibility to develop the product offering."