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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.
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Final 12 For MPNPT Morocco -
Sunday on the MPN Poker Tour Morocco will see several trophies awarded at the Mazagan Beach Resort, with the largest going to the Main Event champion along with a prize of MAD 400,000 (c.€35,400).
MPNPT Morocco Updates -
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The MPN Poker Tour has returned to Morocco this week (January 11-14), featuring the MAD 1.5 million guaranteed Main Event, accompanying side events, and the activities and parties for which this tour has now become known on two continents.
2018 MPN Poker Classic -
The MPN announces the return of The Classic tournament series this January. The series is back following its successful €350,000 guaranteed debut in 2017. This time €500,000 is guaranteed, along with a once in a lifetime trip to Monaco for the Classic Champion.
PDC and Sportradar Renew Deal -
Following this month’s hugely successful World Championship, the Professional Darts Corporation (PDC) and long-standing partners Sportradar have renewed their multi-faceted cooperation that will see the leader in sports data and content continuing in their role as official data
Poker Yaar Joins MPN -
Available through download, instant play and mobile, Pokeryaar.com is live with Omaha, Hold’em and Five-Card poker variants, alongside MPN’s Fish Party, the industry’s only progressive jackpot SNGs.
New MPN Poker Rooms Tower Torneos -
Impressed with Microgaming, having already integrated with the Quickfire platform to gain access to some of the industry’s best gaming content, Tower Torneos has extended the relationship with poker.<
NY Rangers vs. Devils on 12/21 -
When the Devils and Rangers hit the ice on Thursday (7 PM ET on MSG), so too will two of the league’s top netminders. After a slow start to the season, Henrik Lundqvist has returned to his form of old. Through 29 games, he’s posted a 2.59 goals against average, and a .920 save percentage.
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