Gala Coral has announced that its online gambling division was able to achieve “very strong” growth in the 12 months through to September 26, with revenue and earnings before interest, tax, depreciation and amortisation (EBITDA) both rising year-on-year.
Overall group revenue amounted to £1 billion (€1.4 billion/$1.5 billion), which represents a year-on-year increase of 6%, or £60.1 million, on the previous 12 months.
EBITDA came in at £205.3 million, 1% ahead of last year, although this figure is boosted to year-on-year growth of 30% when results are adjusted to consider the impact of regulation and the Fifa World Cup last year.
Coral highlighted growth within its online division in particular, with revenue from this business arm up 36% and EBITDA jumping 14% to £56.2 million.
The company also estimated that the combined Coral and Gala websites are the fastest growing in the UK online gambling market, adding more net revenue than any other listed peer in both cash and percentage terms, and reaching a market share of over 7%.
Elsewhere, Coral Retail saw EBITDA slip 1% year-on-year to £141.2 million, but again this result represents a plus of 16% when taking into account the impact of regulation and the World Cup.
The company’s Eurobet Retail operation suffered much greater losses, with EBITDA for the division down 29% year-on-year.
The mainly positive results come during a significant period for Gala Coral, which is on the verge of completing its planned merger with Ladbrokes.
Last week, more than 90% of Ladbrokes shareholders eligible to vote gave their approval to the deal, with the merger expected to be completed, subject to regulatory approval, in the near future.
source : www.igamingbusiness.com
