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Ladbrokes says Coral trading positive in third quarter

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Merger partners Ladbrokes and Gala Coral Group posted fourth quarter financial results for Coral, for the 12 weeks to 25 September on Thursday.

The firms reported positive trading for the period, with total Coral Group net revenue 8.9% ahead of last year, or 11.3% ahead in the year-to-date.

The statement by Ladbrokes read “Coral Retail net revenue grew 0.3% driven by an improvement in OTC gross win margin and machines growth”.

“Eurobet Retail net revenue was 31.2% ahead of last year, with strong growth in sports stakes.”

The company’s online operations also saw continued strong growth with net revenue 23.7% ahead of last year, or 28.3% year-to-date, with Coral.co.uk net revenue 31.7% ahead driven by strong sports stakes growth.

It came two days after Ladbrokes posted strong third quarter growth itself, and three days after the two proposed to sell 359 betting shops to Betfred and Stan James to satisfy competition concerns.

Paul

The author Paul