Although they are due to officially announce their profits for the year 2014 on November 20th, Betting operator Gala Coral have already announced that 2014 has been a profitable year for them.
Citing the impact of the 2014 Fifa World Cup national Football team tournament and the reduction in bingo duty in the UK, Gala Bingo have experienced a substantial growth over the last 12 months.
With a preliminary increase of 14% on their yearly turnover, we can see why Gala Coral are so happy with this years growth. From £1.1 billion in 2013 to £1.2 billion in 2014! Gross profit is an equally impressive increase of 9% from £815.4 million to £890.1 million.
In a statement, Gala Coral said: “All core businesses recorded gross profit and underlying EBITDA growth during the year.
“Gross profit of £890.1 million was £74.7 million or 9% ahead of last year and Opco EBITDA of £235.5m was £29.8 million or 14% ahead.
“After adjusting for the adverse impacts of extraordinarily poor football results in the first half of the year, the annualisation of MGD and the favourable impacts of both the World Cup and the reduction in bingo duty to 10%, underlying EBITDA increased by £40.8 million or 20%, whilst underlying EBITDA pre-bonus was £55.9 million or 27% ahead.”
With this news coming in not long after Live Bingo Network announced its own impressive increase, can we assume that 2014 has been a great year for the betting companies? And will this increase be sustainable in 2015 with the new point of consumption tax due to be implemented very soon?
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