Digital growth drives ‘positive’ Q3 for Ladbrokes Coral
Ladbrokes Coral Group has cited the performance of its digital business as one of the main reasons behind a positive trading performance in the third quarter.
In a trading update, Ladbrokes Coral said that total net revenue during the four months to October 29 increased by 3% on a year-on-year basis.
Digital revenue climbed 12% and Ladbrokes Coral put much of this rise down to a 17% year-on-year jump in sportsbook amounts stakes, with sportsbook net revenue also up 18%.
Although European retail revenue was up by 17% year-on-year, UK retail fell slightly by 1%, with over-the-counter stakes for the latter dropping 5% and over-the-counter revenue down 4%.
For the year-to-date, through to October 29, total net revenue at Ladbrokes Coral is up 2% year-on-year.
Digital net revenue also increased by 15% and European retail jumped 6%, but UK retail net revenue is down 4%.
Jim Mullen, chief executive of Ladbrokes Coral, said: “The four-month period to October 29 represents another period of positive trading performance for the group as well as solid delivery on the key operational and financial targets for the year including the swift integration of people, operations and platforms.
“Our digital performance is strong and the Ladbrokes brand in Australia and the Eurobet brand in Italy continue to post very strong revenue growth.
“In the UK, the Coral and Gala brands also posted very pleasing growth, and we continue to transition our approach to customer acquisition and retention in Ladbrokes.com to focus on improved profit conversion.
“In UK retail, performance improved in line with our expectations primarily driven by the return of all horse-racing content to our shops.”
Mullen also spoke about the company’s desire to support the UK government’s review into rules and regulations regarding gambling laws in the country.
“Ladbrokes Coral reached its first birthday on November 1, the day after the further consultation on the Triennial Review was announced,” Mullen said.
“We have existed with the uncertainty caused by the review since we were created and hope that the announcement of a 12-week consultation heralds a positive step to reaching a final outcome.
“We will take a full part in the consultation.”
Related articles: UK government considers £2, £50 max bet options for FOBTs
Ladbrokes Coral secures operational, financial growth in H1