3rd Mar 2016 08:10
LONDON (Alliance News) - Bookmaker Ladbrokes PLC on Thursday said Gala Coral Group Ltd, with which it is merging to form a combined company, reported growth in net revenue and earnings in the 16 weeks ended January 16.
Gala Coral's net revenue grew by 16% in the period to GBP333.3 million, while earnings before interest, tax, depreciation and amortisation before exceptional items rose by 14% to GBP62.4 million, with growth in both the retail and online divisions.
UK football margins "improved significantly" on the same period the year before, Gala Coral reported.
Last week, Ladbrokes said its merger with Gala Coral is on track, having secured shareholder approval, with a phase 2 probe by the Competition and Markets Authority underway. It said it expects preliminary findings of this probe in late April.
Ladbrokes and Gala Coral agreed the merger in July. It will create a company, to be called Ladbrokes Coral PLC, with a market capitalisation of around GBP2.1 billion and the largest bookie retail estate in the UK.
Shares in Ladbrokes were trading up 0.3% at 131.40 pence early on Thursday.
By Karolina Kaminska; [email protected] @KarolinaAllNews
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