2008 was tough on Gala Coral
9th December, 2008
The years full results at Gala Coral would suggest it has be tough for Gala. Reports showed that bingo, casino, and sports betting operator was still finding times troubling since the smoking ban was implemented in the UK. Gala Coral believe this to be the main reason for the fall in group earnings before interest tax, debt and amortisation, which fell by 10% in 2008 to £362million.
The CEO at Gala Coral, Dominic Harrison said to the ‘Times’ the “sharp decline” reported in bingo activity at Gala Coral’s land-based clubs had steadied, and that its trading and revenue had begun to “recover from the smoking ban and the scrapping of the big-jackpot gaming machines”
Gala Coral found that their turnover fell by 3% in the year ending September 2008 to £1.2billion. The company managed to repay £97million worth of senior debt during this time resulting in its cash balance sheet increasing from 97million to 146million pounds during the period.
Despite these turbulent times however, Dominic Harrison told the 'Financial Times' (FT) that “he did not expect any more closures of bingo clubs, bar an absolute meltdown of the economy.”
Later in a statement by Gala Coral Harrison also stated, “Last year was challenging for Gala Coral due to well tracked regulatory and economic impacts. I believe though that the Group responded well to these challenges and I am particularly pleased with the growth delivered by Coral. We have started the new financial year well and I am confident we will continue to outperform our competitors and meet the targets we have set for ourselves in 2009.”
For more gambling news visit Gaming Alerts
By Rommon
