Ladbrokes digital and retail profits down

Operators Ladbrokes have reported a significant drop in half-year profits.

Group operating profit for the six months ended 30 June 2013 was £89.1m, down 30.1% on the same period in 2012.

Within this figure, digital operating profit has decreased by 28% to £10.8m and UK retail has dropped 19.8% to £73.2m.

Overall profit before tax was down 48.5% to £55.1m, with profit after tax decreasing 58.5% to £47.2m

Group revenue, including high rollers, was up 2.9% to £566.5m.

Without high rollers, the figure rose 6.4% to £563m.

Ladbrokes CEO Richard Glynn said: “Following a strong performance in 2012, we have continued to make good operational progress against our strategy which, disappointingly, is not reflected in our first half financial performance.

“In retail, having established a position of market leadership in machines, we always planned for a slowdown this year.

“We continue to compete strongly in a highly competitive market and have a number of initiatives in place for H2, including a new cabinet rollout starting in Q4.

“In digital, our partnership with Playtech will see us deliver a compelling online and mobile offer for customers underpinned by proven software, operated by experts.

“We aim to finalise the integration early in 2014, thereby enabling significant growth in earnings.”

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