Ladbrokes-Coral Shows Strong 2017 Results
In addition digital performance saw net revenues climb by 17%, driven by worldwide growth in markets such as the UK, Italy, and Australia.
Ladbrokes-Coral is one of the most well known and trusted worldwide online casino operators. It recently released its interim 2017 financial report to investors, and while the results aren’t spectacular, they are definitely encouraging:
The report showed small amounts of growth, while highlighting many of the reasons why the company is very optimistic for what the future will bring.
Operating Profit Up
The bad news is that the company’s revenue only rose by 1% to £1,198.0m. However, that rather pedestrian number was offset by the fact that operating profit rose 7% year-over-year to £158.3m. In addition digital performance saw net revenues climb by 17%, driven by worldwide growth in markets such as the UK, Italy, and Australia.
“Ladbrokes Coral continues to make good operational and financial progress,” said Ladbrokes Coral CEO Jim Mullen in a statement, “We entered the year with ambitious targets for the first half to substantially complete the integration of our teams and migrate UKDigital to a single platform. We delivered on both fronts and at the same time kept the business moving forward.”
Focus On Online Casino Product
The company also highlighted that it’s focus in recent months has been the online casino product. It made the decision to prioritize the development of a new digital platform that would act as an all-encompassing home for it’s operations and offerings:
“As previously highlighted, the rapid move to one digital platform for the UK brands was knowingly prioritised at the expense of new sportsbook product for Ladbrokes.com in particular,” Mullen said.
Ladbrokes’ Future Looks Bright
Overall, the financial report showed a company that is both currently on solid financial footing and also poised to make huge strides in the future.
Remaining competitive in the current online casino industry is a tough one, with companies constantly innovating to offer players better and better experiences. But if this report and overall direction are any indication, Ladbrokes has laid the groundwork to remain a huge player for years and years to come.