Bookmaker Ladbrokes Coral Group said today that its 2016 operating profit rose 22% despite paying out heavily on a number of gambler-friendly sports results towards the end of the year.
The company was created when Ladbrokes joined forces with Coral in a $3.4 billion merger last year.
It said its operating profit rose to £264.3m, helped by growth in its digital and European retail businesses.
Revenue for the year rose 11% to £2.3 billion.
The company also upgraded its forecasts for cost benefits from the merger to £100m from £65m.
Revenue at its European retail business, which comprises brands such as Eurobet Italy, Ladbrokes Belgium, Ireland and Spanish joint-venture Sportium, were 24% ahead of last year.
Digital revenue, coming from channels such as Ladbrokes.com, Coral.co.uk, Galabingo.com, Galacasino.com, were up by a third to £666m.
Total group net revenue was 2% ahead of last year for the period from January 1 to March 19, the bookmaker said commenting on current trading.
It added that it remained in-line with its expectations for the year.
Ladbrokes completed an Examinership process in July 2015 in Ireland, which resulted in the closure of 53 shops.
As a result, the company said that overall staking was 5% behind last year on a constant currency basis, which reflected the reduced shop portfolio. It added that its Irish net revenue was down 6%.
It has a total of 141 shops in Ireland by the end of 2016.
