LONDON (Alliance News) - Ladbrokes PLC on Wednesday said Gala Coral Group Ltd, with which the bookmaker is in the process of merging, delivered better net revenue and earnings in the half to April 9.
Ladbrokes said Coral Group delivered earnings before interest, taxation, depreciation and amortisation before exceptional items of GBP124.6 million in the half, up 16% year-on-year, and up 43% after adjusting for regulatory impacts on the business. Ebitda in the retail business grew 1.0% in the year, with the majority of the growth coming from the Eurobet Retail and Online units.
The earnings growth benefited from improved football results in the UK and Italy during the half, with UK football margins improved significantly year-on-year against a weak comparator.
Net revenue for the half was GBP604.9 million, 13% higher year-on-year, again driven for Gala Coral by the online business.
Current trading for Coral has remained robust in the eight weeks to June 5, with net revenue in the retail business ahead year-on-year, led by slot machines but partially offset by softer over-the-counter net revenue. Eurobet Retail revenue was broadly flat year-on-year, though the online business of Coral and Eurobet did take a hit from poor football results in the UK and Italy.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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