Ladbrokes CEO plans change following EBIT fall

rokes CEO Jim Mullen plans for a change in the way the operator’s business is run, following an announcement that its group EBIT declined 22% year-on-year for the first quarter of this year.

The EBIT total of £14.3m is down from £18.4m for the same period last year, though group net revenue increased 3%.

Despite net revenue from the UK operator’s online sportsbook going down 32%, other online gaming operations has seen net revenue rise 13%.

Mullen said in a press release: “In Q1 many of our customer metrics are encouraging but results have favoured customers and profits are materially down. These results demonstrate the challenges we continue to face. We need to change the way we run the business, build scale, primarily in digital, and respond faster to the customer and changes in the market place.”