Ladbrokes Coral 2017 interim results
Financial and operational highlights
Proforma Group revenue of £1,198.0m, up 1%
Proforma Group operating profit before charging non trading items of £158.3m(2)/(4), up 7%; Digital operating profit +72% (constant currency (+67%) and reported Group operating profit of £51.7m
Integration progressing very well - successful consolidation of head office team and migration of UK Digital brands to one platform
Synergies now expected to be £150m per annum by 2019, more than double the original estimate
Strong Digital performance with net revenue +17% (+21% after excluding the Euros in 2016) driven by leading multi-channel offerings in the UK and Italy, and market leading growth in Australia. Digital gaming net revenue +11%
UK Retail benefiting from planned actions to improve profitability
Net Debt of £1,065.5m, 2.79x proforma EBITDA; highly cash generative nature of the business ensures we are firmly on track to hit target range of 1.5x - 2.0x by the end of 2018
Interim dividend doubled to 2p reflecting strong progress to date
