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Coral Eurobet record loss in first year of new ownership
20 Jul 2004
Bad financial news for Coral Eurobet this week, as they released figures which revealed that they are now operating in the red. It is the first year of performance since being taken over by Charterhouse Development Capital, a private equities company. Although Coral, a company which operates betting shops and internet gambling sites, recorded an overall operating profit of UK£84.9 million, with a turnover of UK£3.8 billion in 2003, interest charges of UK£ 92 million has resulted in a final deficit of UK£7.1 million.
It is an unusual result within an industry which keeps reporting record growth and turnover figures. Coral Eurobet has two main branches to its business- it operates in the UK as Coral and operates more than 1100 licensed betting shops within the UK. Additionally to this, they also run a telephone betting option, own two greyhound stadiums, and operate an online betting service, an online casino and a site solely offered to poker players.
The Eurobet branch is the name for international operations. This branch is entirely internet based, again offering one site for sports betting, another as a casino and a poker only site- also Eurobet hosts an online gaming site- giving this international arm four online products. Its services are available in more than 100 countries and 18 languages.
source:- http://www.onlinecasinonews.com
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