Ladbrokes Coral expects to hit full-year financial targets for 2016

ladbrokesimageLadbrokes Coral Group has said that full-year operating profit for 2016 looks set to match the company’s expectations, despite poor sports results in December.

In a trading update, the company, which was formed by the merger of Ladbrokes and Gala Coral in the fourth quarter of last year, said proforma group operating profit for the full year is expected to be within range of £275 million (€317.9 million/$339.6 million) and £285 million.

This total consists of expected Ladbrokes standalone operating profit of circa £101 million and Coral Group standalone operating profit of circa £179 million.

The total would represent a significant improvement on the proforma group operating profit of £235 million recorded in 2015, when Ladbrokes posted £80.6 million and Coral £154 million.

Although the two companies suffered from poor sports results in December, the fourth quarter as a whole proved to be relatively successful, with the combined operation citing growth within its digital operations.

Revenue from climbed 17% year-on-year, while net revenue was up 13%.

However, UK retail net revenue was 4% behind the same quarter last year.

Jim Mullen, chief executive of Ladbrokes Coral, said: “The last quarter of 2016 was one of significant activity with the completion of the merger, good progress on integration along with the necessary shop disposals and a busy sporting schedule.

“While the sporting gods did not look favourably on us in the period, it is pleasing to report that the business continued to perform well and that our full year numbers will be in-line with expectations.

“It has been an encouraging start to the life of Ladbrokes Coral Group plc; good progress is being made on all the key integration workstreams.

“We saw continued growth in our digital division with Australia going from strength to strength and further growth in multi-channel sign ups.

“We remain confident in our plans for 2017 and on delivering the opportunities identified in the merger.”

The group expects to post its final results on March 28.

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