26 Oct 2015 07:29
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Don't have an account? Click here to register.Gala Coral swings to loss amid Ladbrokes merger review
Wed, 08th Jun 2016 11:16
(ShareCast News) - Bookmaker Gala Coral Group swung to a loss in the first half of the year, it reported on Wednesday, posting a loss of £49.8m in the face of rising revenues.The firm, in the midst of a merger with FTSE 250 rival Ladbrokes, made a profit of £103.4m in the same period last year.In the release, the company made every effort to divert attention to the more positive EBITDA figure, which showed a 16% rise in earnings.Once the costs of regulation were taken into account, Gala Coral claimed an EBITDA increase of 43%.The loss was blamed on the Cheltenham festival, which Gala Coral described as the worst since 2003, as well a 67% jump in operating expenses to £318.8m.Salary increases, and the cost of training staff the ins and outs of spotting problem gamblers and new anti-money laundering regulations were the reasons given for the jump in expenses.Total revenues rose 13% to £606m, the company said.Shares in Ladbrokes slipped 0.9% on the news, as investors aired their disappointment at the results.The Competition and Markets Authority is currently reviewing the proposed merger, and indicated last month that a combined entity might need to offload 400 betting shops before the deal can be completed.
More News
25 Oct 2015 21:05
Caledonia Investments to buy Gala Coral bingo chain - Sky News
Oct 25 (Reuters) - Britain's Caledonia Investments Plc is set to buy a chain of bingo halls from gaming group Gala Coral for 240 million pounds ($367.46 million), Sky News reported on Sunday. The deal, which would include more than 130 Gala bingo clubs and a 30 percent market share, is exp
Read more23 Oct 2015 10:14
UPDATE 2-William Hill under pressure to raise its game after profit warning
* British bookmaker says Q3 revenue down 9 pct * Sees full-year profit below analysts consensus range * Has fallen behind in sector consolidation * Shares down more than 6 pct (Recasts, adds CEO comment, detail, updates shares) By Aastha Agnihotri Oct 23 (Reuters)
Read more23 Oct 2015 07:24
BUZZ-William Hill: profit warning sends stock to >1-yr low
** Shares in British bookmaker William Hill Plc fall 5.8 pct to lowest levels since June 2014, as co warns on FY profit after disappointing Q3 results ** Betting company says its net rev fell 9 pct in 13 weeks to Sept. 29; oper profit slumped 39 pct ** Heavy taxation & stern regulatio
Read more22 Oct 2015 16:08
London close: Stocks close higher as ECB leaves door open to more QE
(ShareCast News) - London stocks closed higher after earlier declines as the European Central Bank's president fuelled hopes of further stimulus. Mario Draghi said the ECB will re-examine its quantitative easing programme in December and would consider extending €60bn monthly purchases past the plan
Read more22 Oct 2015 13:37
FTSE 250 movers: SIG's outlook drives market down
(ShareCast News) - The FTSE plunged shortly after opening and by mid-afternoon sat at 16,936.86 points, down 99.82 (0.59%). SIG led the market down, dropping over 20% after it revealed it is expecting a fall in underlying pre-tax profit for the year due to challenging market conditions in mainland E
Read more22 Oct 2015 07:58
Ladbrokes results encourage as Mullen's strategy takes shape
(ShareCast News) - Ladbrokes shares raced higher as Thursday's third-quarter results met forecasts but were somewhat mixed as new chief executive Jim Mullen's plans take effect, with underlying revenue growing but operating profit falling sharply. The bookmaker reported a strong start to the footbal
Read more22 Oct 2015 07:36
22 Oct 2015 07:21
22 Oct 2015 06:50
15 Oct 2015 15:09