Ladbrokes Coral announces Q1 results
Ladbrokes Coral Group has announced that it traded in-line with expectations in the period from 1 January to 23 April, 2017, and reported growth within its online division.
The company reported that its total net revenue for the period was up 5% on last year. Digital net revenue climbed 22% year-on-year, with digital sportsbook stakes up 29% and sportsbook net revenue jumping 40%. Digital gaming net revenue also increased by 7%.
However, Ladbrokes Coral UK retail operations saw net revenue drop by 2%, with the amount staked for over-the-counter gambling down 7% and net revenue from these wagers falling by 5%. On the other hand, the firm was able to report a 1% increase in net revenue from gaming machines.
European retail net revenue was also down 2% year-on-year, although the amounts staked by customers across the continent increased by 22%.
Jim Mullen, Chief Executive of Ladbrokes Coral, says: “Trading in the period was in-line with our expectations; we see encouraging trends in digital sportsbook and gaming with continued enthusiasm for our multi-channel products in all our major markets and over a million customers now signed up in the UK alone.
“Merger integration continues at pace, with significant changes undertaken in our digital operations as we have already successfully completed the transfer of all key digital systems to one unified platform.
“We have also commenced large scale moves of colleagues from Rayners Lane to Stratford, in-line with our property plans.
“The online market remains highly competitive, although recent high profile sporting events seem to indicate that as much emphasis is being placed on customer retention as is being placed on the acquisition of new customers.
“Our plan is to continue to use our data driven marketing approach and leverage our market leading multi-channel capability to enhance returns.”
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