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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.
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21 Apr 2016 07:34

London pre-open: Stocks seen higher as investors eye UK retail sales

(ShareCast News) - London stocks were expected to open in the black on Thursday, taking their cue from positive US and Asian sessions as oil prices edged higher. The FTSE 100 was seen starting 12 points higher than Wednesday's close at 6,422. Investors in the UK will eye the release of retail sales

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21 Apr 2016 07:05

Ladbrokes gets off to a flier in first quarter

(ShareCast News) - Unlike some of its rivals, Ladbrokes got off to a flier in the first quarter, with encouraging sales growth indicating new chief executive Jim Mullen's turnaround plan is working but also helped by a tailwind of favourable sporting results. As the bookmaker refurbished 73 betting

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21 Apr 2016 07:02

Ladbrokes Net Revenue Up In Quarter Despite "Worst" Ever Cheltenham

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20 Apr 2016 14:30

Credit Suisse starts Paddy Power Betfair at 'underperform'

(ShareCast News) - Credit Suisse initiated coverage of Paddy Power Betfair at 'underperform' with a 8,650p price target, saying the merger benefits were being overplayed, with the cost synergies and scale failing to justify the share price. "We feel that cost synergies alone are a poor rationale for

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17 Apr 2016 16:53

Sunday newspaper round-up: AstraZeneca, Monarch Airlines, HSBC, Opec deal

(ShareCast News) - AstraZeneca has held talks with US-based rival Medivation that could see it make a $10bn (£7bn) takeover bid, where it will battle France's Sanofi, which had a bid rejected last week, and others. Although oncology drug maker Medivation has been criticised for "price gouging" by Am

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14 Apr 2016 15:10

Earnings, Trading Statements Calendar - Week Ahead

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5 Apr 2016 08:32

BROKER RATINGS SUMMARY: Liberum Upgrades Babcock To Hold From Sell

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3 Apr 2016 16:33

Sunday newspaper round-up: Interest rates, Tata, Premier Foods, G4S, Centrica

(ShareCast News) - The Bank of England will hold interest rates at their current historic low for three more years, according to the market's current predictions. Judging by the overnight deposit rates that banks are charged to hold their cash at the central bank, which indicates market predictions

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30 Mar 2016 08:41

BROKER RATINGS SUMMARY: Jefferies Adjusts Ratings On Retailers

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23 Mar 2016 17:17

LONDON MARKET CLOSE: US Crude Build-Up Weighs On Oil Prices And Stocks

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23 Mar 2016 14:37

UPDATE 2-William Hill warns on full-year profit, shares slump

* Cites regulatory changes and Cheltenham festival * Online profit seen falling by up to 25 mln stg * Shares down 11 pct (Adds CEO, analyst comments, detail) By Aastha Agnihotri March 23 (Reuters) - British bookmaker William Hill warned on full-year profit on Wednesday,

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23 Mar 2016 12:09

LONDON MARKET MIDDAY: Betting Stocks Back Of The Pack In Flat Trade

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23 Mar 2016 10:34

WINNERS & LOSERS SUMMARY: William Hill Warning Drags Down Bookmakers

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23 Mar 2016 08:40

LONDON MARKET OPEN: Kingfisher And Sky Lead Firm FTSE 100

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21 Mar 2016 09:38

BROKER RATINGS SUMMARY: Goldman Sachs Starts Ascential With Buy Rating

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