In more good news for the seminal high street merger, Gala Coral has almost matched Ladbrokes’ impressive fourth quarter, lifted by online growth.
[dropcap]T[/dropcap]he high street bookmaker posted a nine percent lift in revenues for the 12 weeks to 25 September – only three percent behind its newly betrothed, Ladbrokes, which grew by 12 percent – marking possibly the last period that Coral operates alone.
As with Ladbrokes, its online revenues growth did most of the leg work this quarter, up 24 percent over the three months, boosted by an impressive set of figures from its primary wagering site, Coral.co.uk, which saw a spike in sports wagering of 32 percent.
“Growth in the quarter reflects the continued momentum in the group the online performance was pleasing, and in particular Coral.co.uk, where growth rates accelerated from the prior quarter,” said Carl Leaver, group chief executive of Gala Coral.
“This leaves the business very well placed ahead of the imminent merger with Ladbrokes PLC, subject to final Competition and Markets Authority approval.”
Unlike Ladbrokes, Coral actually saw some growth in retail revenue, although meagre at 0.3 percent. The bookie put this down to improved OTC gross win margin, and steady machine revenues growth. Revenues from Coral’s Eurobet Retail division also lifted the aggregate numbers, with 31.2 percent growth due to rising sports stakes.
Overall both firms look well placed to complete the impending merger, and the figure reflect sufficient diversification to absorb the bulk of any upcoming shock due to gaming machine regulations.