UK bookmaker Ladbrokes officially announced its financial results for the third fiscal quarter of the year ended on September 2016. Apart from revealing its net revenue performance over the above mentioned period, the company also confirmed its full-year performance outlook.
The Chief Executive Officer of Ladbrokes Jim Mullen commented on the bookmaker’s results over the third fiscal quarter, saying that the British company continued delivering growth, so that the management team remained confident that the operator would be able to deliver annual results corresponding to the preliminary expectations.
In addition, Mr. Mullen said that this is the fourth consecutive quarter over which the company successfully delivered its Group net revenue. He also praised the performance of the Australian division of the bookmaker, saying that the unit’s success had been displayed in the form of actives growth, strong staking and improved margin.
According to Ladbrokes’ trading update, the Group net revenue of the company has increased by 12.1% over the third fiscal quarter of 2016. The retail net revenue generated by the UK operations of the bookmaker grew by 1.9%, while the net revenue generated by the company’s digital operations rose by 48.2%. As mentioned above, the Australian division of Ladbrokes also accounted for stable growth, posting a massive 89.6% increase in its revenue.
Ladbrokes also shared that the net revenue generated by Ladbrokes.com plus Enchanges rose by 32.7%. The Sportsbook operations’ revenue increased by 47.9%, while the revenue of its Gaming operations rose by 23.7%.
As revealed by the company in its official statement, its European retail net revenue also increased by 11.3%.
The UK-based company announced its quarterly results right ahead of the completion of its merger with Gala Coral, which is expected to result informing a betting group with a market value of about £2.3 billion. The deal now seems to be closer to its end, especially considering the fact that a few days ago both Ladbrokes and Gala Coral agreed to sell 359 betting outlets to their local competitors Betfred and Stan James.
The asset disposal came after the UK Competition and Markets Authority (CMA) set it as a condition in order to give the green light to the merger deal. The regulatory body was aimed at reducing the footprint of the combined entity to make sure that the market would not be monopolised in certain parts of the country. The company itself said in its trading update that once Ladbrokes and Coral get the final approval of their deal, they would seek the consent of the Competition and Markets Authority to complete it.
- Author
Olivia Cole
