Ladbrokes Coral Group PLC (LON:LCL) saw its first-half operating profit rise driven by strong trading online at the merged betting group.
For the six months to June 30, the FTSE 250 listed firm reported a 7% increase in operating profit to £158.8mln as revenue rose by 1% to £1.19bn.
READ: Ladbrokes Coral dampened by ‘mixed’ sports results
The group - formed last year when Ladbrokes bought Coral for £2.2bn – saw its online revenue jump 17% to £374.5mln with big increases in Britain, Italy and Australia.
But revenue from the firm’s UK retail operations fell by 6% with a 7% decline in comparable over-the-counter wagering.
The group is paying an interim dividend of 2.0p per share, up from 1.0p a year earlier, the company said in a statement.
In early trading, Ladbrokes Coral shares edged up 0.9%, or 1p to 118.6p.
Strong Digital growth pleasing
Ladbrokes Coral CEO Jim Mullen said: “It is pleasing to report strong Digital growth, ongoing momentum in Australia, and in spite of adverse sporting results, market share gains in Italy.”
He added: “UK Retail performance is in line with our expectations given the planned commercial decisions on UK racing media rights and Ladbrokes' horse racing margin, both of which will protect the profitability of our shop estate well into the future.”
Ladbrokes Coral trades from over 3,500 shops across England, Wales and Scotland under the two brands.
The merger was one of a number in the sector last year, with Paddy Power and Betfair also joining forces.