UK bookie Ladbrokes Coral Group (LON:LCL) has highlighted an ‘in-line’ performance, despite ‘mixed’ sporting results in the year to date.
The company reported a 5% rise in group net revenue, with the retail business growing by 2% in the UK and the digital business growing by 22% - with a 40% jump in revenue from the digital sportsbook.
Ladbrokes said the “bookmaker friendly” football results at the start to the year were reversed by scores in February and March, and described April’s mid-week results as “very poor” with 14 of the 15 best backed teams winning.
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In horse racing there was similar form, with Ladbrokes noting a “good” Cheltenham festival for bookies followed by a short-priced favourite winner in the Grand National, albeit it said the Aintree festival as a whole was “kind to bookies”.
“Sporting results in the UK gave with one hand and took with the other but we are probably marginally ahead overall,” said Jim Mullen, Ladbrokes Coral chief executive.
Beyond British shores, Mullen noted that the group’s Eurobet business was dented by “unusually bad” sports results in Italy in February and March.
In terms of the business performance, He added that trading was in-line with the company’s expectations with the digital sportsbook doing well.
“We see encouraging trends in Digital sportsbook and gaming with continued enthusiasm for our multi-channel products in all our major markets and over a million customers now signed up in the UK alone,” Mullen said.
He added: “The online market remains highly competitive, although recent high profile sporting events seem to indicate that as much emphasis is being placed on customer retention as is being placed on the acquisition of new customers.”
The Ladbrokes boss said the company intends to continue to use a data-driven approach to marketing, leaning on its ‘multi-channel capability’ to enhance returns.
“We remain confident in the opportunities ahead for the business and in our ability to deliver the year in-line with our expectations,” Mullen said.