Gala Coral Group has posted its half year results for the first 28 weeks of 2016.
The company has recorded an increase of 35 per cent in online net revenue. Coral.co.uk displayed a 58 per cent increase in net revenue, with sports net revenue up 108 per cent.
The Eurobet and Galabingo brands have also performed strongly. Eurobet.it recorded an increase of 38 per cent in net revenue and 70 per cent in sports net revenue, while Galabingo.com saw net revenue increase by 15 per cent.
Carl Leaver, group CEO, said: “EBITDA growth of 16 per cent in the first half of the year represents a very satisfactory performance for the group. After adjusting for incremental regulatory costs, EBITDA was 43 per cent ahead.
“Sportsbook margins benefitted from improved football results in both the UK and Italy, and a good Grand National result helped offset losses from the worst Cheltenham for the industry since 2003.
“Growth in the online division continued to be particularly strong with net revenue 35 per cent ahead of last year, and Coral.co.uk net revenue 58 per cent ahead. Coral Connect, our multichannel offer, continues to be a key driver of growth. Sign-ups in Q2 have accelerated to around 4,000 per week as a result of more targeted marketing. Total sign-ups since launch now stand at 493,000, with 160,000 being delivered in the first half of the financial year, more than in the whole of the financial year of 2015.
“During the second quarter we also relaunched the Coral.co.uk mobile app on a proprietary platform. The transition went extremely well and the new platform provides greater flexibility to develop the product offering.
“We have continued to invest in processes and systems to promote responsible gambling, and through our membership of the Senet Group, we introduced new commitments to help prevent gambling-related harm during the period.
“On May 20, the Competition and Markets Authority announced in its provisional findings that it is minded to clear the proposed merger between Coral Group and Ladbrokes subject to agreeing appropriate remedies. We will continue to work with the CMA in order to agree the remedies, but the CMA has indicated that the sale of 350-400 shops would enable a final determination in favour of the proposed merger.”
