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Ladbrokes Coral 2016 operating profit rises 22 percent
March 28, 2017 / 6:36 AM / 8 months ago

Ladbrokes Coral 2016 operating profit rises 22 percent

March 28 (Reuters) - British bookmaker Ladbrokes Coral Group said on Tuesday 2016 operating profit rose about 22 percent despite paying out heavily on a number of gambler-friendly sports results towards the end of the year.

The company, created when Ladbrokes joined forces with Coral in a $3.4 billion merger last year, said operating profit rose to 264.3 million pounds ($331.5 million), helped by growth in its digital and European retail businesses.

Revenue rose 11 percent to 2.3 billion pounds.

The company upgraded its cost synergy guidance for the merger to 100 million pounds from 65 million.

$1 = 0.7972 pounds Reporting by Rahul B in Bengaluru; Editing by Mark Potter

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