Ladbrokes Coral’s digital performance is showing significant signs of growth.
For the half year ending June 30, the company showed a strong digital performance with net revenue up 17 per cent. This was driven by its multi- channel offerings in the UK and Italy and growth in Australia. Overall, digital gaming net revenue was up 11 per cent.
Group revenue was £1,2bn, an increase of one per cent compared to the same period last year. Group operating profit was £158.3m.
Ladbrokes Coral CEO Jim Mullen said: “Ladbrokes Coral continues to make good operational and financial progress. We entered the year with ambitious targets for the first half to substantially complete the integration of our teams and migrate UK digital to a single platform. We delivered on both fronts and at the same time kept the business moving forward.
“It is pleasing to report strong digital growth, ongoing momentum in Australia and, in spite of adverse sporting results, market share gains in Italy. UK retail performance is in line with our expectations given the planned commercial decisions on UK racing media rights and Ladbrokes’ horse racing margin, both of which will protect the profitability of our shop estate well into the future. The business is now looking to the second half with confidence.
“The sensible and sustainable agreement on picture rights will underpin an improvement in retail footfall. Following the digital platform migration, the product pipeline is flowing again with some exciting enhancements arriving in time for the new football season. A new model aimed at optimising our online customer acquisition marketing mix is already driving improved effectiveness, supporting enhanced returns on investment through a focus on higher value customers.”
