{"id":47488,"date":"2017-03-28T16:00:44","date_gmt":"2017-03-28T23:00:44","guid":{"rendered":"https:\/\/www.casino.org\/news\/?p=47488"},"modified":"2017-03-28T14:39:59","modified_gmt":"2017-03-28T21:39:59","slug":"ladbrokes-coral-takes-200-million-hit-insists-futures-bright","status":"publish","type":"post","link":"https:\/\/www.casino.org\/news\/ladbrokes-coral-takes-200-million-hit-insists-futures-bright\/","title":{"rendered":"Ladbrokes Coral Takes $200 Million Hit But Insists the Future\u2019s Bright\u00a0"},"content":{"rendered":"

Ladbrokes Coral execs brushed off a \u00a3200 million pre-tax loss for 2016 during the enlarged company\u2019s first earnings call since combination, citing projected cost savings of \u00a3100 million per year by 2019 as a reason to be cheerful.<\/p>\n

Ladbrokes Coral said, despite the hit, it had enjoyed a \u201csuccessful start\u201d to its \u00a32.3 billion tie-in.<\/p>\n

\"Ladbrokes
Ladbrokes Coral CEO Jim Mullen said this week that the combined company expected to save \u00a3100 million per year by 2019, which may come in handy if the UK government opts to slash the stakes on FOBTs. (Image: Getty Images)<\/figcaption><\/figure>\n

The marriage of Ladbrokes and Gala-Coral, previously the second and third biggest bookmakers in the UK, created a land-based betting superpower that leapfrogged William Hill<\/a> as the country\u2019s top retail bookie.<\/p>\n

“This is a very successful start for the Ladbrokes Coral Group,\u201d said Ladbrokes Coral boss Jim Mullen. \u201cBoth Ladbrokes and Coral entered the merger in November with good momentum, and together delivered a strong full year financial performance.<\/p>\n

“We are focused on delivering on the full potential of the merger through the strengths of the Ladbrokes Coral brands, enhanced scale, operational efficiencies and leveraging the best of both businesses.\u201d<\/p>\n

Reform Threatened<\/b><\/h2>\n

That \u00a3200 million loss was ascribed to one-off costs associated with the merger, which was completed in November, as well as the cost of integrating the two businesses.<\/p>\n

Analysts, meanwhile, reacted positively to the news that cost savings had risen to that \u00a3100 million projected figure, from the \u00a365 million that had initially been forecast. Asked why it had changed so drastically, Mullen replied it had been calculated before the two companies had a chance to accurately assess one another\u2019s business.\u00a0 \u00a0 \u00a0 \u00a0<\/span><\/p>\n

\n

Those savings are likely to come in handy, too, if the UK government opts to cut the minimum stakes on fixed-odds betting terminals from \u00a3100 to \u00a32, as has been threatened.<\/strong><\/p>\n<\/blockquote>\n

The controversial machines, installed in bookmakers shops the length and breadth of the country, generate almost half of all revenue for retail bookmakers. As the biggest of these, Ladbrokes Coral<\/a> will also be the most exposed to the risk posed by possible reforms.<\/p>\n

Driving Further Growth<\/b><\/h2>\n

But for now, the plan is simple, Mullen says. \u201cWe are focused on building on the leading multi-channel experience developed by both brands, utilizing a rigorous approach to data driven marketing and ensuring that our product delivers a leading customer experience.<\/p>\n

\n

\u201cWe 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.<\/strong><\/p>\n<\/blockquote>\n

“We will deliver this with a firm commitment to responsible gambling and health and safety.”<\/p>\n","protected":false},"excerpt":{"rendered":"

Ladbrokes Coral execs brushed off a \u00a3200 million pre-tax loss for 2016 during the enlarged company\u2019s first earnings call since combination, citing projected cost savings of \u00a3100 million per year by 2019 as a reason to be cheerful. Ladbrokes Coral said, despite the hit, it had enjoyed a \u201csuccessful start\u201d to its \u00a32.3 billion tie-in. […]<\/p>\n","protected":false},"author":42,"featured_media":47489,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[62,10,1074],"tags":[],"acf":[],"yoast_head":"\nLadbrokes Coral Takes $200 Million Hit But Insists the Future\u2019s Bright\u00a0<\/title>\n<meta name=\"description\" content=\"Ladbrokes Coral forked out millions in merger-related charges but pledges to reach \u00a3100 million in cost savings by 2019.\" \/>\n<meta name=\"robots\" content=\"noindex, follow\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Ladbrokes Coral Takes $200 Million Hit But Insists the Future\u2019s Bright\u00a0\" \/>\n<meta property=\"og:description\" content=\"Ladbrokes Coral forked out millions in merger-related charges but pledges to reach \u00a3100 million in cost savings by 2019.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.casino.org\/news\/ladbrokes-coral-takes-200-million-hit-insists-futures-bright\/\" \/>\n<meta property=\"og:site_name\" content=\"Casino.org\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/Casino.OrgNews\" \/>\n<meta property=\"article:published_time\" content=\"2017-03-28T23:00:44+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2017-03-28T21:39:59+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2017\/03\/1520037e31.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"660\" \/>\n\t<meta property=\"og:image:height\" content=\"438\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Casino.org Staff Writer\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@Casino_Org\" \/>\n<meta name=\"twitter:site\" content=\"@Casino_Org\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Casino.org Staff Writer\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.casino.org\/news\/ladbrokes-coral-takes-200-million-hit-insists-futures-bright\/\",\"url\":\"https:\/\/www.casino.org\/news\/ladbrokes-coral-takes-200-million-hit-insists-futures-bright\/\",\"name\":\"Ladbrokes Coral Takes $200 Million Hit But Insists the Future\u2019s Bright\u00a0\",\"isPartOf\":{\"@id\":\"https:\/\/www.casino.org\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.casino.org\/news\/ladbrokes-coral-takes-200-million-hit-insists-futures-bright\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.casino.org\/news\/ladbrokes-coral-takes-200-million-hit-insists-futures-bright\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2017\/03\/1520037e31.jpg\",\"datePublished\":\"2017-03-28T23:00:44+00:00\",\"dateModified\":\"2017-03-28T21:39:59+00:00\",\"author\":{\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/8c48bf89dc86da77b4d856c7b3b78d77\"},\"description\":\"Ladbrokes Coral forked out millions in merger-related charges but pledges to reach \u00a3100 million in cost savings by 2019.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.casino.org\/news\/ladbrokes-coral-takes-200-million-hit-insists-futures-bright\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.casino.org\/news\/ladbrokes-coral-takes-200-million-hit-insists-futures-bright\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.casino.org\/news\/ladbrokes-coral-takes-200-million-hit-insists-futures-bright\/#primaryimage\",\"url\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2017\/03\/1520037e31.jpg\",\"contentUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2017\/03\/1520037e31.jpg\",\"width\":660,\"height\":438,\"caption\":\"Ladbrokes Coral CEO Jim Mullen said this week that the combined company expected to save \u00a3100 million per year by 2019, which may come in handy if the UK government opts to slash the stakes on FOBTs. 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