Ladbrokes Coral Enjoys Profits Boosts from Online Gambling
Ladbrokes Coral has said that despite the absence of a major sporting event this summer, they had a good start to 2017 and posted increases revenues and profits for the first half.
The group merged last November and has enjoyed significant growth in its digital division. They posted a 1% rise in group revenues to £1.2 billion including trading at the two separate companies before the merger. Proforma operating profits were up 7% to £158.3 million in the six months to the end of June.
In the UK digital revenues rose 17% to £374.5 million but retail revenues were 6% down at £697.2 million. The group said that horse racing results have been going their way this year but revealed that Newcastle United winning the Championship title in the last minute of the season cost them around £1.5 million.