Ladbrokes optimistic despite ‘disappointing’ 2013 results

Ladbrokes optimistic despite ‘disappointing’ 2013 resultsBookmaker Ladbrokes said it remains optimistic about 2014 despite having posted what it described as “disappointing” results in the 12 months through to December 31, 2013.

With the firm recording net revenue of £1.1 billion (€1.35 billion/$1.85 billion) during 2013, a decrease of 0.6% on the previous year’s figure, total operating profit fell by 32.9% from £206.1 million in 2012 to £138.3 million.

Ladbrokes’ digital division suffered the most significant fall by generating £8.2 million in operating profit, a drop of 74.2% on the previous year’s figure of £31.8 million.

UK retail operating profit amounted to £133.9 million, a decrease of 25.9% on the previous year, while European retail operating profit also fell by 22.8% to £15.6 million.

Ladbrokes chief executive officer Richard Glynn admitted that the results were “disappointing”, but added that the company did make progress.

“While our financial results for 2013 were disappointing, we made real operational progress which has continued into this year,” he said.

“We remain confident about the direction of the business and the momentum we are creating. As we have made clear, H1 is about delivery and H2 is about growth.

“Our immediate focus is on the completion of our remaining platform, product and capability upgrades, notably single wallet and CRM, which will begin to deliver tangible benefits from the World Cup onwards.

“The early evidence from our changes to the desktop sportsbook and to our mobile offer are encouraging, giving us confidence that where our product upgrades and improved capabilities converge behind our brand, we have a powerful proposition.”

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