Owners of bookies Ladbrokes and Coral made £1.5m profit per day

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Owners of bookies Ladbrokes and Coral made £1.5m profit per day last year as online business booms

By Daily Mail City & Finance Reporter

Published: | Updated:

The owners of Ladbrokes and Coral made £1.5million profit per day as its online business boomed.

GVC posted £536million underlying profits before tax in 2019.

It shrugged off a 12 per cent fall in revenue in its stores with a strong 14 per cent growth in its online business. 

Ladbrokes and Coral owner GVC posted £536m underlying profits before tax in 2019. It saw a 12 per cent fall in revenue in its stores but a strong 14 per cent growth in its online business

Overall revenue grew 3 per cent to £3.6billion.

The company paid a 35p-per-share dividend, which saw chief executive Kenny Alexander handed £535,000, although this paled in comparison to the £55million he has been paid in salary, bonuses and other awards in the past three years.

GVC bought Ladbrokes Coral in 2018 for £3.2billion, just before a maximum £2 stake on fixed odds betting terminals was introduced in the UK in April 2019.

Yesterday GVC announced it had closed 450 betting shops due to the change – fewer than half of those that had originally been slated to shut.

 

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