LONDON (Brand Republic) - UK bookmaker Coral made a loss of £52.3m in 2000, largely due to marketing costs for its Eurobet online gambling business.
The group made a gross profit of £162m, but operating costs grew to £166m, compared with £77.3m in 1999. The loss was largely due to the costs associated with the £4m acquisition of Eurobet and interest payments totalling £48.3m.
Coral’s owner, Morgan Grenfell Private Equity, had to invest another £10m to fund Eurobet’s expansion. Morgan Grenfell had hoped to float Coral, but the unfavourable stock market situation forced the company to delay its plans.