Publishing its trading update for Q4 2016 (12-week period ending 25 September), Gala Coral expects to report an 8.9% group net revenues uplift on corresponding 2015 performance.
In what may likely be its last financial update as an independent gambling operator, Gala Coral stated that its performance had been driven by the continued growth of its digital division, which reported net revenues up 23.7% ahead of Q4 2015.
Detailing highlights Gala Coral governance pointed to the strong wagering performance of Coral.co.uk which expects a 31.7% net revenue uplift.
The operator’s strong digital momentum has been supported by the sustained performance of its retail division which expects flat 0.3% net revenue growth for the period.
Carl Leaver, Group CEO, commented on Q4 2016 corporate performance
“Growth in the quarter reflects the continued momentum in the Group. The Online performance was pleasing and in particular Coral.co.uk, where growth rates accelerated from the prior quarter. This leaves the business very well placed ahead of the imminent merger with Ladbrokes PLC, subject to final CMA approval.”
This week Gala Coral and merger partner Ladbrokes announced that a sale of 359 betting shops had been agreed with UK independent bookmakers Betfred and Stan James for a cash value of £55.5 million. The sale of shops was required to gain approval from the UK competition authorities.
Approaching the final hurdles of its merger, Ladbrokes-Coral governances will issue a new investor prospectus detailing the new enterprise’s plans to list on the London Stock Exchange.