Coral reveals revenue growth ahead of Ladbrokes merger

Coral reveals revenue growth ahead of Ladbrokes mergerGala Coral has cited the ongoing positive performance of its online business as one of the main reasons behind revenue growth in the fourth quarter.

Net revenue was up 9% year-on-year in the 12 weeks to September 25, which could be the last full quarter that Gala Coral operates solely as it closes on its proposed merger with Ladbrokes.

Online revenue increased by 24% in the period, boosted by an impressive set of results from its primary site, which saw revenue climb 32% after a hike in sports stakes.

Elsewhere, Coral Retail revenue was up 0.3%, with the operator highlighting an improvement in OTC gross win margin and machines growth as the main reason behind this.

In addition, revenue from the company’s Eurobet Retail business was up 31.2%, mainly due to an increase in sports stakes.

Carl Leaver, group chief executive of Gala Coral, said: “Growth in the quarter reflects the continued momentum in the group the online performance was pleasing, and in particular, where growth rates accelerated from the prior quarter.

“This leaves the business very well placed ahead of the imminent merger with Ladbrokes PLC, subject to final Competition and Markets Authority approval.”

Earlier this week, Ladbrokes and Gala Coral agreed to sell a combined 359 shops to Betfred and Stan James in order to satisfy demands by the UK CMA.

The CMA said the pending merger between the two operators could create competition issues in various locations across the UK, and requested shops be sold off to ease concerns.

Ladbrokes this week also revealed financial growth ahead of the merger, stating that net revenue in the third quarter was up 12% year-on-year, with digital net revenue climbing by 48% in the period.

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