The UK-based casino, betting shop and bingo operator Gala Coral Group published its trading update for its fourth fiscal quarter ended on September 25th 2016. The quarterly results have been announced right ahead of Gala Coral merger with the British gaming and betting operator Ladbrokes.
The Chief Executive Officer of the Group Carl Leaver commented on the company’s performance over the fourth fiscal quarter, saying that the stable growth over the last 12 months reflected the continued momentum in Gala Coral. He also revealed that the performance of the company’s online operations was excellent and described the one of Coral.co.uk as particularly pleasing. As far as the latter is concerned, Mr. Leaver explained that the net revenue growth of the UK website of the Coral brand was boosted in comparison to the prior three-month period.
As a result, the Group’s Chief Executive Officer shared that the business had been left at a great stage right before the upcoming and much-awaited merger with Ladbrokes, which was waiting for the final approval of the Competition and Markets Authority (CMA).
The merger between Gala Coral and Ladbrokes is expected to be finalised any time soon, especially now, when the two companies agreed to sell a total of 359 betting outlets to their rivals Betfred and Stan James. After the sale is completed, the merger deal would be subjected to final approval of the CMA in order to be brought to an end.
The company, which is currently one of the leading providers of casino, gaming and gambling services in the UK revealed that its total Group net revenue increased by 8.9% in comparison to the results posted over the same period a year ago. This was an 11.3% growth on year-to-date base.
The net revenue of the Coral Retail arm of the company increased by 0.3% over the last three-month period thanks to the fact that the over-the-counter win margin and machines grew over the quarter. Eurobet Retail division of Gala Coral was also reported as an excellent one. The unit posted a 31.2% growth in comparison to the prior-year period, with is sports stakes marking a particularly large increase.
The Online operations of the UK-based casino, betting and bingo provider enjoyed a continued strong growth. Its net revenue was reported to have increased by 23.7% in comparison to last year, marking a 28.3% growth on year-to-date base. The net revenue of the company’s online division grew by 31.7% thanks to the fact that its sports stakes marked a robust increase.
- Author
Olivia Cole
