Positive Euro 2016 performance boosts Coral revenue
Coral: Third quarter results compared favourably to 2015
PICTURE: Free pic Positive Euro 2016 boosts Coral revenue By David Baxter 7:38AM 31 AUG 2016
CORAL posted a net revenue increase of ten per cent for their third quarter results, aided by a positive Euro 2016 football championships.
The high street firm's net revenue was up £23 million for the 12-week period ending July 2, with net revenue for the year to date up £93.5m [12 per cent] at £868.9m.
EBITDA [Earnings before interest, taxation, depreciation and amortisation] rose £6.5m [13 per cent] to £57.7m compared to the same period last year.
Marketing strategy paying off
While the summer's big football tournament was disappointing again for English supporters, it was rewarding for Coral, as they decided against advertising on TV, instead concentrating on other revenue streams.
The bookmaker estimated the value of customers they acquired was around double the levels compared to the 2014 World Cup.
However for the eight-week period after the quarter, sports gross win margins are behind last year's levels, largely due to a sequence of punter-friendly racing results during the week of York's Ebor meeting.
Chief executive Carl Leaver said: "EBITDA for the quarter was 13 per cent ahead of last year, driven by continued strong growth in Coral.co.uk and Eurobet.it, a good machines performance in Coral Retail and a positive Euro 2016 football championship."
Regarding the potential merger with Ladbrokes, Leaver added: "We expect to complete the merger during the autumn."