Coral: Online growth was strong for fourth quarter
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By David Baxter 8:16AM 20 OCT 2016
GALA CORAL announced a positive set of fourth quarter results on Thursday, with net revenue nearly nine per cent up compared to the same period last year.
Total net revenue was 8.9 per cent ahead of 2015 for the 12-week period ending September 25, helped largely by strong performances from the online division.
Net revenue online rose 23.7 per cent, with sports stakes growth helping contribute to a 31.7 per cent increase on net revenue for the Coral website.
Chief executive Carl Leaver said: “Growth in the quarter reflects the continued momentum in the group.
“The online performance was pleasing, and in particular coral.co.uk, where growth rates accelerated from the prior quarter.
“This leaves the business very well placed ahead of the imminent merger with Ladbrokes PLC, subject to final CMA approval.”
Earlier in the week the last major obstacle to the £2.3 billion merger was successfully negotiated as it was confirmed Betfred are to purchase 322 of the 360 shops the two bookmakers needed to sell for £50 million. The sale of shops was required to gain approval from the competition authorities.
Stan James will also purchase 37 shops for £500,000, with a buyer needed for one remaining outlet.