Friday 23 August 2019

Ladbrokes sees revenues pick up thanks to digital business

Ladbrokes (Stock photo) Photo: PA
Ladbrokes (Stock photo) Photo: PA

Ben Woods

Betting giant Ladbrokes Coral has seen revenues pick up pace thanks to a hefty jump in takings from its digital business.

The FTSE 250 firm said group net revenue had grown by 3pc for the four months to October 29, compared a 2pc fall in the second quarter.

The lion's share of the growth came from its digital arm, with net revenue climbing 12pc as online gaming firm Sportsbook rose 18pc and Gaming net revenues picked up by 6pc.

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 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."

PA Media

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