Ladbrokes and Coral completed their merger in the last quarter of 2016
PICTURE: Charles Shearn
By Keith Melrose 8:01AM 18 JAN 2017
THE Ladbrokes Coral Group have announced an operating profit within the expected range despite a poor end to the year, a factor cited by other firms.
The group as a whole reported a £280m profit for 2016, with £179m of that coming from Coral and £101m from Ladbrokes. That compares with a £235m profit in 2015.
CEO Jim Mullen said on Wednesday morning: “The last quarter of 2016 was one of significant activity with the completion of the merger, good progress on integration along with the necessary shop disposals and a busy sporting schedule.
“While the sporting gods did not look favourably 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.”
He added: “It has been an encouraging start to the life of Ladbrokes Coral Group plc. Good progress is being made on all the key integration workstreams. We saw continued growth in our Digital division with Australia going from strength to strength and further growth in multi-channel sign ups.
“We remain confident in our plans for 2017 and on delivering the opportunities identified in the merger.”
Final results for the year for the firm will be announced in late-March.