Betting operator Gala Coral has cited the impact of the 2014 Fifa World Cup national football team tournament and the reduction in bingo duty in the UK as the main reasons behind widespread growth during the 12 months through to September 27.
In a preliminary results announcement, Gala Coral reported full-year turnover of £1.2 billion (€1.5 billion/$1.9 billion), up 14% on a year-on-year basis when compared to the £1.1 billion posted at the end of 2013.
Gross profit for the year jumped 9% from £815.4 million to £890.1 million while total group earnings before interest, tax, depreciation and amortisation (EBITDA) increased by 7% from £246.4 million to £263.9 million.
Gala Coral’s full-year results were also boosted by a positive performance in the three months through to September 27, a period in which the operator recorded significant year-on-year growth.
Turnover in the fourth quarter amounted to £288.3 million, which represented an increase of 21% on the £238.6 million generated in the same period last year.
Elsewhere, gross profit hiked 20% from £175.8 million to £211.7 million while total group EBITDA rocketed by 47% from £395 million to £58.2 million.
In a statement, Gala Coral said: “All core businesses recorded gross profit and underlying EBITDA growth during the year.
“Gross profit of £890.1 million was £74.7 million or 9% ahead of last year and Opco EBITDA of £235.5m was £29.8 million or 14% ahead.
“After adjusting for the adverse impacts of extraordinarily poor football results in the first half of the year, the annualisation of MGD and the favourable impacts of both the World Cup and the reduction in bingo duty to 10%, underlying EBITDA increased by £40.8 million or 20%, whilst underlying EBITDA pre-bonus was £55.9 million or 27% ahead.”
Gala Coral noted that these are just preliminary results and it will release further details about its full-year performance on November 20.
source : www.igamingbusiness.com
