UK gambling operator Gala Coral Group has reported a sharp increase in profits in the financial year to September 2014.

Gala Coral

Growth of 20 per cent overall and a very strong performance by its UK operations - with gross profits up 134 per cent - presented one of the best sets of financials from the group in years.

Group CEO Carl Leaver said that the new online business is paying off with gross profit up 54 per cent and EBITDA 104 per cent.  “We expect this momentum to continue in 2015 following strong customer acquisition throughout the World Cup during which coral.co.uk attracted 136,000 new depositors despite the decision not to advertise on television.”

The World Cup contributed £9.4m EBITDA in total. Coral Retail stakes were 11 per cent higher than in 2010 with Eurobet Retail 84 per cent higher and Coral.co.uk up 600 per cent.

In Italy, the rollout of 500 new licences combined with the successful launch of Virtual Betting and a successful World Cup drove significant EBITDA growth of 100 per cent against the previous year.