Reporting its financial performance for the year to December 31, 2016, the newly formed Ladbrokes Coral group posted unaudited “pro forma” revenues of £2.35bn, up 11 per cent on the year prior.
The pro forma results comprise the figures for Ladbrokes and the Coral Group for the 10 months to October 31 and results for the new Ladbrokes Coral Group for the two months to December 31.
Pro forma group profit (EBITDA) was £380.7m in the period, up 14 per cent year on year. Group operating profit (pro forma basis) was £264.3m, up 22 per cent. Digital operating profit was up 125 per cent while European retail operating profit leapt 219 per cent.
The group did report a £202.4m operating loss, citing costs primarily related to the merger itself but it did little to dampen the optimism of Ladbrokes Coral chief executive Jim Mullen.
“This is a very successful start for the Ladbrokes Coral Group,” said Mullen.
“Both Ladbrokes and Coral entered the merger in November with good momentum, and together delivered a strong full-year financial performance.
“We are focused 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.
“The merger was the start of a journey. While we face some short-term uncertainty with the triennial review, the scale, talent and agility we have in this business represent real strengths going forward. We intend to use these strengths to establish Ladbrokes Coral as both the leading, and the best, betting and gaming business.”
