Ladbrokes Coral reports financial growth during H1

Group earnings before interest, tax, depreciation and amortisation (EBITDA) were up slightly from £210.1m to £211m. Ladbrokes Coral currently owns and operates four greyhound tracks in the UK: Crayford, Hove, Monmore and Romford.

Commenting on the H1 results, Ladbrokes Coral CEO Jim Mullen said: “Ladbrokes Coral continues to make good operational and financial progress. We entered the year with ambitious targets for the first half to substantially complete the integration of our teams and migrate UK Digital to a single platform. We delivered on both fronts and at the same time kept the business moving forward.

It is pleasing to report strong Digital growth, ongoing momentum in Australia, and in spite of adverse sporting results, market share gains in Italy. UK Retail performance is in line with our expectations given the planned commercial decisions on UK racing media rights and Ladbrokes’ horse racing margin, both of which will protect the profitability of our shop estate well into the future.

The business is now looking to the second half with confidence. The sensible and sustainable agreement on picture rights will underpin an improvement in retail footfall. Following the Digital platform migration, the product pipeline is flowing again with some exciting enhancements arriving in time for the new football season. A new model aimed at optimising our online customer acquisition marketing mix is already driving improved effectiveness, supporting enhanced returns on investment through a focus on higher value customers. Finally, the synergies from our recent merger step-up substantially in the second half to deliver a full year saving of £45m.

The business is in good shape and we have come a long way in a short time. The increase in the dividend reflects both the progress made, the opportunities offered by the merger and our confidence in the future.”