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Thursday 16th August 2012
Leading online and land-based gambling operator Gala Coral Group Limited has released its financial results for the twelve weeks to the end of June showing that it experienced a nine percent year-on-year rise in turnover to £275.2 million.
Nottingham-based Gala Coral reported that earnings before interest, tax, depreciation and amortisation for its third quarter increased by 14 percent year-on-year to £7.9 million although this rate fell to only three percent after factoring in the Grand National and the 2012 UEFA European Football Championship.
All of this left Gala Coral with a statutory gross profit for the three-month period of £215.4 million, which was an eleven percent improvement year-on-year, while it stated that earnings before interest, tax, depreciation and amortisation from bingo grew by 21 percent when compared with the same period in 2011 driven by ‘growth in spend per head and strong margins’.
Gala Coral proclaimed that its over-the-counter gross win came in 17 percent ahead of the results from the prior year with machine gross win nine percent above this period resulting in a 23 percent improvement in earnings before interest, tax, depreciation and amortisation from the segments.
Additionally, the British firm detailed a 61 percent year-on-year growth in active customers for its Gala Interactive business while its Coral Interactive subsidiary experienced a 34 percent rise. This resulted in the businesses posting gross profit growth of 28 percent when compared with the same period last year alongside a 13 percent boost in earnings before interest, tax, depreciation and amortisation.
“This quarter represents solid progress for Gala Coral in our turnaround plans with the businesses delivering the first real year-on-year growth for the group in several years,” said Carl Leaver, Chief Executive Officer for Gala Coral.
“These results reflect the reinvestment we have made within the group in 2012 and the hard work of management and colleagues across all businesses in delivering growth initiatives. Despite this progress we are still cautious about the economic environment and have seen some weakening in recent trading.
“This quarter also saw the re-launch of GalaCasino.com, the first of the new websites delivered by our strategic re-platforming project. Early results have been positive and this was followed by the re-launch of GalaBingo.com just after the end of the quarter. We believe these sites will be market-leading offerings and will represent a springboard to growth for the group over the next few years.”
Source: OnlineCasinoNews
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