Ladbrokes Coral report unaudited 2016 results

Ladbrokes Coral Group plc delivered unaudited results for the fiscal year 2016, reporting a net loss, in-line with its 18 January 2017 trading statement, of GBP 204.3 million which it attributes to non-trading merger costs.

The results include both Ladbrokes PLC and the Coral Group for the 10 months to 31 October 2016 and results for Ladbrokes Coral Group plc for the 2 months to 31 December 2016 but exclude all results from the 360 retail shops the CMA determined the merged group was required to sell.

Key performance highlights for the twelve month period ending December 31, 2016 include:

– Proforma Group revenue of GBP 2,351.9 million, 11 percent growth attributed to growth in Digital and European Retail

– Proforma Group EBITDA of GBP 380.7 million, up 14 percent

– Proforma Group operating profit of GBP 264.3 million, up 22 percent

– Digital operating profit up 125 percent, European Retail operating profit up 219 percent

– Group operating loss of GBP 202.4 million after charging non trading items of GBP 323.6 million including a GBP 194.9 million non-cash impairment charge and GBP 128.7 million relating primarily to other merger and integration related costs

– Underlying EPS of 6.6p, reflects a 10 percent increase on 2015 after adjusting for a prior year one-off tax credit

– Full year dividend of 3p (1p interim and 2p final)

– Net Debt of GBP 1,089.5 million, 2.86x proforma EBITDA

The company reported integration was progressing well, senior teams appointed and ongoing preparations for the imminent transition to one Digital platform were on track.

“This is a very successful start for the Ladbrokes Coral Group,” Jim Mullen, chief executive officer for Ladbrokes Coral said. “Both Ladbrokes and Coral entered the merger in November with good momentum, and together delivered a strong full year financial performance.

“As a management team we are now looking to the future. We are focussed on delivering on the full potential of the merger through the strengths of the Ladbrokes Coral brands, enhanced scale, operational efficiencies and leveraging the best of both businesses”.

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