Gala Coral reports online revenue rise in Q3 results

Gala Coral Group has recorded a 37% increase in online net revenue in its third quarter results, rising year-on-year from £46.5m to £63.6m.

The operator’s year-to-date online net revenue grew from £136m to £186.9m, an increase of 37%.

Covering the 12-week period up to 4 July, Gala Coral’s total Q3 net revenue rose 5%, totalling £305m.

Q3 group gross profit was up 4%, ascending to £216.4m.

Gala Coral Group CEO Carl Leaver said: “The group posted another strong performance during the quarter with EBITDA of £65.7m which was £5.1m or 12% ahead of last year, despite incurring an additional £12.9m of tax and regulatory costs.

"Adjusting FY14 for these tax and regulatory changes and the World Cup, underlying EBITDA was £22.6m or 52% ahead.

"This continued positive momentum is a direct result of our focus on product innovation and a disciplined approach to marketing, together with significant capital investment made across the business over the last few years.”

Last month Gala Coral agreed the terms of a merger with Ladbrokes to form Ladbrokes Coral plc.

Leaver commented: “The deal brings together two complementary businesses, each with strong positions in the UK and, together, an extensive international footprint.”