Decline in Ladbrokes Coral high street operations offset by digital

 
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Ladbrokes Coral's high street operations continued to decline in the four months to 29 October, but were offset by growth in its other divisions.

The figures

Total group revenue was up three per cent, boosted by 12 per cent growth in digital and 17 per cent growth in European retail.

But UK retail, which accounts for one of the largest sections of the company, slid one per cent. Revenues from the high street have declined four per cent so far this year.

By lunchtime, shares in the bookie had dipped 2.7 per cent to 133.1p.

Read more: Government gambling review: How the industry reacted

Why it's interesting

The company's high street operations are only set to feel more pain after the government proposed radical restrictions on fixed odds betting terminals. Today Ladbrokes Coral said it will take part in the consultation process.

However, the group said it had managed to slow the decline in UK retail after regaining an agreement to show certain horse races. The lack of content had put off punters, but Ladbrokes now estimates that it has enticed back around 80 per cent of lost custom.

Some new markets showed much faster growth, including the Australian Ladbrokes website which increased net revenue by 50 per cent.

What Ladbrokes Coral said

Group chief executive Jim Mullen said:

Ladbrokes Coral reached its first birthday on 1 November, the day after the further consultation on the Triennial Review was announced. We have existed with the uncertainty caused by the review since we were created and hope that the announcement of a 12 week consultation heralds a positive step to reaching a final outcome. We will take a full part in the consultation.

Read more: Ladbrokes Coral ordered to pay £2.3m by regulator

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