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Gala Coral Profits Go Up
12/11/2012 : GALA CORAL PROFITS UP, AIDED BY ONLINE IMPROVEMENT
Revenues and gross profit rise at UK online and land gambling group
The Gala Coral online and land gambling group reports that for the year to end September 2012 its performance has improved, aided by good results from the interactive division.
* Turnover during the period rose 6 percent year-on-year to reach GBP 1.189 billion
* EBITDA for the year was up 11 percent to GBP 291.4 million; after deducting bonuses it was still 7 percent better than 2011 at GBP280.2 million.
* Statutory gross profit for the year reached GBP 923.6 million, up 8 percent on the preceding year.
* Interactive turnover increased 3 percent to GBP 72.5 million.
Carl Leaver, chief executive, said that 2012 had been an important and transitional year for the group.
“We have restructured into key operating divisions, bedded in a new operational management team and invested in our retail estate and online systems. This has resulted in the first growth in profitability for over five years against the backdrop of a difficult environment for retail and leisure businesses.
“In the final quarter of the year, the Group delivered another solid performance with EBITDA growth of nine percent post-bonus and excluding week 53 despite trading losses in Italy in the final period due to extremely poor sports results.
“July saw the launch of our new GalaBingo.com website and early growth from both this and the new GalaCasino.com website has been positive. With the re-launch of Coral.co.uk in October, our new interactive businesses are now fully up and running and we are targeting significant growth over the forthcoming year.”
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