Coral Quarter Figures Robust as Completion of Ladbrokes Merger Nears
Published October 25, 2016 by Lee R
Betfred and Stan James take on a good portion of parlours as the merger goes online.
Ahead of the latest mega-merger in iGaming, Coral group’s numbers have been posted by the newest iGaming superpower.
Revenue Jumps
Ladbrokes reports markedly positive progress in Coral’s quarter results for the 12 weeks to September 25, with total Coral Group net revenue coming in at a pace 8.9 per cent ahead of last year, at 11.3% growth from last year.
Ladbrokes further reported net revenue growth of .3 percent for Coral Retail, driven by an improvement in OTC gross win margin and machines growth.
Italian Contribution
The incoming merger partner further reported that key Coral Group holding and Italy-facing Eurobet Retail showed net revenue 31.2 per cent ahead of last year, with those Italian operations figures driven by its strong growth in sports stakes.
Online Exponential
Further robust growth was found in the area of continued growth in online operations, where net revenue was up 23.7 per cent ahead of last year, or 28.3 per cent year-to-date, with Coral’s 31.7 per cent ahead website net revenue also driven by “strong growth in sports stakes.”
Land-Based Mega Deal
As for the Ladbrokes organization, this is another in a string of positive developments for its own growth and sustainability ahead of the merger. The most significant driver of that growth includes a £55m megadeal to sell 322 land-based shops to Betfred and Stan James.
Gala CEO Ebullient
Gala Coal CEO Carl Leaver characterised the growth as an indication of the company’s continued momentum. Leaver further extolled the accelerated growth rates of the online business provided from the second quarter of the fiscal year on, leaving Gala’s CEO confident in his company’s position for completing the £2.3-billion Ladbrokes merger.
Final Formal Hurdle
The last remaining formality for the merger is imminent final approval from the UK Competition and Markets Authority, dependent on disposition of a set amount of total betting shops by Ladbrokes and Coral across designated regions in the UK and Ireland, of which Betfred and James will be the prime beneficiaries.
