Ladbrokes Coral Group update

A trading update from the Ladbrokes Coral Group delivered a mixed bag of results for the year to date with a solid performance from digital but a decline in the retail sector.

Overall the company remains confident it will meet full year expectations.

Key performance highlights for the period 1/1/17 to 23/4/17 include:

– Group net revenues up 5 percent.

– Total Digital net revenues up 22 percent.

– A 40 percent increase in Sportsbook net revenue.

– Gaming net revenue increase of 7 percent.

– UK Retail net revenues declined 2 percent.

– European Retail declined 3 percent.

“Trading in the period was in-line with our expectations,” Ladbrokes Coral Group CEO, Jim Mullen said.

“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.

“UK Retail OTC stakes continue to exhibit the negative trends reported since the middle of 2016, driven by the challenging UK High Street environment and our own focus on the multi–channel opportunity.

“We remain confident in the opportunities ahead for the business and in our ability to deliver the year in-line with our expectations.”

Merger integration progress is progressing well, the company said, with the successful completion of the transfer of all key Digital systems to one unified platform and the consolidation of offices underway.

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