Ladbrokes and Coral merger has recently been in the headlines for a mega amalgamation between the two heavyweights of betting industry in the UK which threatened the existence of other operators in the market but after intervention of the regularity body they had to sell more than 400 offline betting shops to create a level playing field for other operators.
Then, it was said that post-merger this venture would be the biggest in UK and righty so Ladbrokes Coral Group has now revealed to have almost touched the targets they set up at the time of merger despite poor sports results in December. This is really surprising since online betting market had seen a slump in December and almost every operator is behind its goals for that reason and if Ladbrokes Coral is saying to have met the targets it is really amazing and shows how dominant they could in the time coming by.
In its update, company informed that 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 and it consists Ladbrokes standalone operating profit of circa £101 million and Coral Group standalone operating profit of circa £179 million. Overall the revenues of both the company has seen a significant jump; while Ladbrokes’ revenue has climbed by 17% year-on-year, Coral’s net revenue is up by 13%. Talking about the impressive results, 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.”