Gala Coral Reports Gross Profit Rise

Online and land-based betting operator Gala Coral has reported an increase in revenue and gross profit in the 12 weeks until July 6, 2013.

Adjusted turnover increased by 9% year-on year to £259.1 million (€302.6 million/$403.7 million) from £237.1 million, while gross profit was up by 3% to £193.9 million from £187.5 million.

Earnings before interest, tax depreciation and amortisation also increased by 7% from £53.5 million to £57.4 million.

Coral Interactive registered an impressive 105% increase in gross profit to £3.9 million, largely thanks to a 41% increase in active player numbers, and Gala Interactive enjoyed a positive quarter with a 28% increase in active customers and a 44% increase in stakes resulting in a 27% rise in gross profit to £2.6 million.

Eurobet Italia continued to increase its market share, with online sports betting share increasing to 9% from 7.2% last year.

Gala Coral said that there had been growth in all retained businesses, apart from Gala Retail, which had suffered a 9% fall in gross profit due to lower admissions and weak spend-per-head levels. Coral Retail gross profit was up 4% to £4.4 million.

Carl Leaver, Gala Coral Chief Executive Officer, said, “Both Gala Retail and Coral Retail continue to face a challenging consumer environment, with footfall down in both businesses.
 
“This trend has continued into the fourth quarter with the weather compounding the impact. The performance of both Coral Interactive and Gala Interact remains encouraging with both returning significant year-on-year growth in actives and gross profit for the third quarter in a row.
 
“This improved performance has been supported by an increased level of marketing that will drive growth into the next financial year.
 
“In Italy, the first of the 500 new shops opened at the end of July, and we are on course to open over three quarters of the new shops by the end of the calendar year.”

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