Revenues rise at Ladbrokes Coral as digital business grows

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 three per cent for the four months to October 29, compared a two per cent fall in the second quarter.

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

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 horseracing content to our shops.”