Gala Coral revenues and EBITDA rise in Q3-2012

The UK land and online gambling group Gala Coral has posted a sterling set of results for its third quarter ending June 30 2012, showing:

* Turnover up 9 percent year-on-year to GBP 275.2 million

* EBITDA up 14 percent to GBP 7.9 million

* Statutory gross profit of GBP 215.4 million – up 11 percent

* Bingo a top performer

* OTC gross win up 17 percent, machine gross win up 9 percent, driving EBITDA for these divisions up by 23 percent

* Interactive operations recorded a year-on-year growth of 61 percent in active players for Gala, and a 34 percent rise for Coral. This boosted gross profit growth by 28 percent in these divisions, delivering a 13 percent rise in divisional EBITDA.

Carl Leaver, chief executive of the company, said: “This quarter represents solid progress for Gala Coral in our turnaround plans, with the businesses delivering the first real year-on-year growth for the group in several years.

“These results reflect the reinvestment we have made within the group in 2012 and the hard work of management and colleagues across all businesses in delivering growth initiatives. Despite this progress we are still cautious about the economic environment and have seen some weakening in recent trading.

“This quarter also saw the re-launch of Gala Casino, the first of the new websites delivered by our strategic re-platforming project. Early results have been positive and this was followed by the re-launch of Gala Bingo just after the end of the quarter. We believe these sites will be market-leading offerings and will represent a springboard to growth for the group over the next few years.”

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