Ladbrokes Coral revenues rose 3 percent between July and October but shares dropped 2 percent due to disappointed investors.
UK.- British company Ladbrokes Coral reported a 3 percent revenues peak during the third quarter as it shifts to the online segment, which had its revenues increasing by 12 percent. However, company’s shares dropped 2 percent to 134p as the results for the period of July-October failed to satisfy its investors.
“On first glance, these results are pretty true to the form book. UK Retail continues to trend downwards, while the Digital business delivers strong growth,” equity analyst at Hargreaves Lansdown George Salmon said. Ladbrokes Coral has been shifting focus towards the online segment and that can be seen in the company’s results for the third quarter, following the nationwide trend of betting shops’ sales falling. However, it seems that their results have been way too poor in the eyes of investors.
“A better performance here will be needed going forwards,” said Mr Salmon, who assured Coral’s growth and “strong performances in Italy and Australia have masked a weaker showing from Ladbrokes.com.” The website’s revenues fell by 9 percent, while Coral.co.uk saw a 13 percent increase.
Poor results obbey a £2.3 million fine set as the company failed to interact with two customers who gambled away £1.3 million using stolen money. And if that was not enough, the government is close to slashing down fixed-odd betting terminals maximum stakes, as it considers the segment “highly addictive”.