Gala Coral year results show strong online performance

UK betting form Gala Coral who are soon to be merged with Ladbrokes have posted their full year results to September 26 showing a rise in profits.

Net revenues rose 6% reaching almost £1 billion for the year which is impressive given that 2014 had the boost of the FIFA World Cup in Brazil. Most impressive was the companies online arm which saw revenues there rise £65.2 million to £247.8 million and the main reason for Ladbrokes merger is to benefit from the success of Gala Coral’s online success.

But like Ladbrokes the retail division saw a flat line on revenues at £675.9 million while Eurobet Retail lost revenue of £6.2 million to £77.3 million.

Profits for the firm rose by £14.1 million to £699.5 million Chief executive Carl Leaver said the group’s unique multi-channel capability in the UK and Italy continues to be a key driver of value. “Connect customers are contributing over 40% of Coral.co.uk gross win, while in Italy, multichannel acquisition helped propel Eurobet.it to the number 2 position in the online sports market.”