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REMOTE GAMBLING AFFECTS GALA CORAL PERFORMANCE
12/20/11 : Uncompetitive technology being addressed
Gala Coral Group has reported encouraging trends carrying through into the start of its 2012 financial year on the back of posting disappointing fourth quarter and full 2011 year results across most divisions, this week.
Key Performance Indicators - Full Year ended September 24, 2011 include:
- Turnover of GBP 1,117.0 million, 2 percent below last year excluding the 2010 World Cup and the accounting effect of the removal of prize bingo (which has no gross profit impact)
- Group EBITDA (pre-exceptionals) of GBP 261.0 million, 8 percent lower year on year on an underlying basis
- Unlevered cashflow of GBP 230.1 million
- Cash outflow of GBP 118.7 million, includes net repayment of GBP 190.1 million of senior debt and refinancing costs of GBP 41.0 million
- Year-end net debt of GBP 1,323.0 million for covenant purposes.
The company cites a poor over the counter (OTC) performance, increased costs in Coral and a decline in remote gambling as the main drivers negatively affecting its performance over the period.
One of Gala’s identified key growth areas in remote gambling remains severely limited by uncompetitive technology, however, the company's project to re-platform its websites on Playtech software is reported to be progressing well with new site launches planned from the second quarter in 2012.
A company statement on Gala's current trading position remains positive with Management confident of a return to year on year growth in Quarters 2 and 3, 2012.
Oink Country Love Slot Launches -
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Tim Chung Wins MPNPT Manchester -
The 288-runner £550 MPNPT Manchester Main Event today crowned its champion, awarding the bulk of the £150,000 total prizepool to the nine players surviving after two days of tournament poker at the Grosvenor Casino.
MPNPT Manchester Day 2 -
Day 2 of the £550 MPNPT Manchester Main Event saw 60 Day 1 survivors (from a total of 288 entries) and three intrepid last-minute registrants sit down to play to the final table.
Day 1B MPN Poker Tour Manchester -
Day 1B of the £550 MPNPT Manchester Main Event saw the field rise to 285, as players took full advantage of the whole-day re-entry period.
Day 1A MPNPT Manchester -
The £150,000 guaranteed MPNPT Manchester kicked off today in style – 74 poker players from all over Europe arriving at the Grosvenor Casino to contend the first of two starting days
Kung Fu Rooster Slot Goes Live -
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Sensational Sixes Slot Goes Live -
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3 New Betsoft Slots -
3 new Betsoft slot Games were also added this week to most online casinos allowing US players.
2017 Bodog Super Millions Poker Open -
The first events on the 105-tournament schedule have already been completed; there are three more tourneys on Thursday’s schedule, with a total of $34,000 in guaranteed prize money waiting to be won.
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