Gala Coral Lose £188 Million

Gala Coral Lose £188 Million

Written by: Jeannie on 06/02/2011 09:45
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Europe’s biggest betting firm announces big financial loss for last year despite good sales figures.

Gala Coral in Huge 2010 Loss

The Gala Coral Group is made up of over 140 bingo halls, 26 casinos, online bingo and betting sites and the Coral bookmakers outlets. The recently released financial results – the first since a major restructuring has started to take effect– show a massive £188 million loss.

Sales for the company up to the end of September 2010 were an impressive £1.2bn but restructuring costs and the revaluation of assets led to the net operating profit being a rather less staggering £105m. This was despite HM Revenue & Customs giving a £70m cashback on overpaid VAT. This profit was then lost due to interest charges of over £300m, giving a financial result of a whopping £188 million in the red, although that is still better last year’s £495 loss.

The firm has over 1 million active bingo members and their bingo halls see around 600,00 players enter them every single week, as well as the huge popularity of their online bingo sites. Despite all of these apparent financial woes, which have mainly being caused by the betting firm’s ongoing attempts at restructuring its huge operations, the Gala Coral Group is still regarded as one of the favourites to buy out the state owned Tote operations, which would see it rival William Hill and Ladbrokes in having around 2,000 high street betting outlets. The results of the bidding process for Tote are due to be announced in March of this year.

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