Ladbrokes Coral takes £200m hit from merger


In its final results, the group said pro forma operating profit was up 22 per cent to £264.3m, while revenues were up 11 per cent to £2.4bn, reports the Telegraph.

Overall, the costs of the merger meant that the company made a loss of £213.3m before tax, compared to a loss of £46.5m in 2015.

The company’s boss said the combined group would now look to expand further into international markets and focus on using its technology presence to develop new products.

The company expects to save £100m on the back of the merger, upgraded from £65m.

“This is a very successful start for the Ladbrokes Coral Group,” said chief executive Jim Mullen. “Both Ladbrokes and Coral entered the merger in November with good momentum, and together delivered a strong full-year financial performance.

“Our plan is simple. We are focussed on building on the leading multi-channel experience developed by both brands, utilising a rigorous approach to data-driven marketing and ensuring that our product delivers a leading customer experience.

“We will look to leverage our existing experience in international markets to drive further growth and use our significantly increased scale in technology to develop new products and deploy across the enlarged group. We will deliver this with a firm commitment to responsible gambling and health and safety.”

Shares in the company have risen roughly 15pc in the past year, out-performing both William Hill and Paddy Power Betfair over that period.