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Newly-Merged Ladbrokes Coral On Track Despite 'Poor Sporting Results'

Newly-merged Ladbrokes Coral said that it is "on track to meet market expectations" with its first set of full-year results as a combined company, despite "poor sporting results" hurting both sides of the company in December, according to Nicholas Megaw of the FINANCIAL TIMES. The company "leaped to the top" of the FTSE 250 at the start of trading, as it said that it "expects to report proforma operating profit" of between £275M ($338M) and £285M ($350M), at least 17% higher than the previous year. Around £101M ($124M) of the total "was contributed by Ladbrokes’ business," with £179M ($220M) from Coral. Digital revenues were 17% higher than the same period last year at Ladbrokes and 13% higher at Coral, "but total retail revenue fell" by 4% (FT, 1/18).

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