Ladbrokes- Coral Group Meet Profit Expectations for 2016
The much talked about merger between Ladbrokes and Coral has shown excellent results despite a series of sporting upsets in 2016. The joint gambling giant announced that their profits for 2016 will be in the range they expected by the market between £275m-£285m. Of that £179m is from Ladbrokes and £101 m from Gala Coral.
Ladbrokes CEO Jim Mullen stated that both companies were making excellent progress on their merger which required both of them to sell of 359 betting shops in order to comply with competition concerns.
Mullen was pleased with the results despite having been unlucky on the sports side. He said,” While the sporting gods did not look favorably on us in the period, it is pleasing to report that the business continued to perform well and that our full-year numbers will be in line with expectations.” December saw football scores and Major Christmas race meetings swing against the bookies. In December only 59 premier league games finished in a draw which is less than half of the usual bookie-friendly outcomes. On the horseracing front both of Kempton Boxing Day’s two feature races were won by the favorites.
Mullen went on to say that they have made good progress on all integration workstreams with continued growth in their digital division. Mullen was in an optimistic mood and said,” We remain confident in our plans for 2017 and on delivering the opportunities identified in the merger.”