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Ladbrokes Coral Reports Mixed Results in Q3 2017
Ladbrokes Coral, one of the largest provider of online casino games across Canada, released its Q3 2017 financial report. Overall revenues for the company rose 3% year over year. However, analysts are largely unimpressed by the numbers. The current consensus is that a number of challenges Ladbrokes currently faces will translate into continuing tepid growth for the foreseeable future.
Ladbrokes Coral CEO Jim Mullen tried to downplay these fears by focusing solely on the positive numbers contained in the report.
“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,” he said.
Digital Growth Strong
There is reason for Ladbrokes to be optimistic despite the underwhelming revenue numbers. Its digital products put in a strong performance, with overall revenues increasing by 12%.
“Our digital performance is strong and the Ladbrokes brand in Australia and the Eurobet brand in Italy continue to post very strong revenue growth,” Mullen said.
With the increasing industry-wide shift to digital games and omni-channel casino experiences, the company’s ability to put in a good showing for itself certainly bodes well for the future. There’s little doubt that the future belongs to companies that can attract customers to their mobile divisions.
UK Brand Strong
In addition to its Canadian and otherwise global facing brands, Ladbrokes reported strong results in its home market of the UK. Revenues at its .UK facing site increased 13%. Given the importance of the market to Ladbrokes’ overall financial health, it came as welcome news. Its international .COM site was the weak link, posting a 9% revenue decrease.
“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,” Mullen said.