Today, the UK betting and gambling giant Ladbrokes Coral issued their “historic” results for the 18 months which ended on June 30th, 2016 and revealed that its full-year results for the twelve months which ended on December 31st, 2016 are to be released on March 28th, 2017. As the company explained, the results presentation provides the proforma results for the Ladbrokes Coral Group as if the Group had existed for the entire period presented and excludes the performance of the 360 shops that were sold as a requirement for the companies’ merger to be finalised.
As Casino Guardian previously reported, the two companies finally complete their merger last year, after a long process of regulatory scrutiny and approval. However, they were forced to dispose of a total of 360 betting outlets on the territory of the UK in order to be allowed to finalise the deal.
In its newly-published report, Ladbrokes Coral revealed that the company’s net revenue amounted to £577.8 million over the first fiscal quarter of 2016 and to £606.7 million over the second quarter of 2016. The net revenue of the combined Group over the first half of the year was estimated to a total of £1,184.5 million. The EBITDA (earnings before interest, tax, depreciation and amortisation) announced by the company was £107.7 million in the first three months of 2016. In the second quarter of 2016, Ladbrokes Coral accounted for EBITDA of £102.4 million, which boosted the first-half EBITDA to £210.1 million.
As revealed by the Group its operating profit before non-trading items over the first six months of 2016 amounted to £147.9 million. Over the first quarter of the year, the combined company accounted for an operating profit of £76.6 million, and over the second quarter of the year, the registered operating profit amounted to £71.3 million. The company revealed that its proforma cashflow shows the underlying operating cashflow with the impact of deal and integration costs excluded. The operating cashflow of the Group over the first half of 2016 amounted to £174.6 million beating the one registered in the first six months of 2015, which amounted to £159.4 million.
The combined Group also provided detailed information about the performance of its UK Retail division, reporting a first-half revenue of £738.5 million and EBITDA amounting to £145.4 million. The UK Retail division accounted for an operating profit of £113.9 million in the first six months of 2016.
Of course, the company also revealed the results reached by its other divisions. The European Retail division accounted for a first-half net revenue of £104.6 million, and EBITDA of £21.9 million. Its operating profit before non-trading items was estimated to £13.2 million.
The Digital unit of the company, on the other hand, generated strong net revenue of £320.0 million and EBITDA of £52.0 million in the first six months of the year. The operating profit generated by the digital operations of Ladbrokes Coral was £30.7 million in the first half of 2016.
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Olivia Cole
