British gambling operator Gala Coral Group Ltd. posted its financial results for the third quarter of the financial year ended July 4, 2015. Net revenue increased 6% or £16.3 million year-on-year to reach £305 million.
Coral’s Retail operations generated revenue of £158 million during the period in review. In comparison, the amount of £156.8 million was posted for the third quarter of the previous fiscal year. Gross profit decreased £2.6 million to reach £116.5 million. EBITDA totaled £34.9 million, down £0.6 million as compared to the figures posted this time last year.
The Eurobet Retail operations generated revenue of £18.4 million during the reviewed period compared to £20.8 million posted for the three-months ended July 4, 2014. Gross profit decreased £0.8 million to £6.3 million. EBITDA of £3.7 million was posted for the third quarter of the fiscal year.
The Group’s online operations reported net revenue of £63.6 million, an annual increase of £17.1 million. Gross profit amounted to £42.1 million, up £7.1 million year-on-year. EBITDA increased £3.7 million to reach £17.1 million.
Revenue from Coral Telebet amounted to £1.1 million during the reported period. In comparison, the amount of £0.7 million was posted for the third quarter of the previous fiscal year. Gross profit amounted to £1 million, up £0.7 million year-on-year. EBITDA totaled £0.3 million, representing a £0.7 million increase as compared to the last year’s figures.
Overall, the Coral Group posted net revenue of £241.1 million for the three-month period ended July 4. It increased £16.6 million as compared to the revenue generated this time last year. Gross profit amounted to £165.9 million, up £4.4 million. EBITDA increased £1.4 million to reach £53.8 million.
Gala’s Retail operations posted quarterly revenue of £63.9 million, down £0.3 million. Gross profit amounted to £50.5 million. This time last year, the amount of £46.8 million was generated. EBITDA reached £11.9 million, up £3.7 million year-on-year.
In addition, Gala Coral’s revenue for the nine months ended July 5 rose 5% to £988.7 million. Gross profit for the period amounted to £707.9 million. EBITDA totaled £200.2 million, up 9%.
Commenting on the posted results, Carl Leaver, Chief Executive Officer of Gala Coral, said that the operator’s performance could be attributed to their focus on “product innovation and a disciplined approach to marketing” as well as the continuing capital investment.
During the third quarter of the fiscal year, the gambling company announced its merger with rival operator Ladbrokes PLC. It is subject to the latter company’s shareholder approval. The merger also needs to be given the green light by the UK Competition and Markets Authority.
