Ladbrokes’ embattled chief executive, Richard Glynn, has bought himself extra time in his battle to keep his job, as the bookmaker prepares to show investors this week that it succeeded in getting its problem child, digital business, “match fit” for the World Cup.
The bookmaker’s first-half results on Tuesday are expected to make for grim reading, with a 35pc plunge in operating profit.
However, Mr Glynn will be able to demonstrate operational progress at Ladbrokes’ previously ailing online division, which is expected to translate into growth in the second half of the year.
Mr Glynn received a stern warning from investors last year that his time was running out after a string of setbacks at the digital business, which has caused Ladbrokes to lag behind rivals.
Having walked away from several potential takeover deals – with 888 Holdings and Sportingbet – Mr Glynn decided in 2011 to pursue a £50m organic strategy to improve Ladbrokes’ digital products before performing a U-turn in March 2013 by agreeing a partnership with Playtech, the gaming software firm that helped grow William Hill’s successful online operation.
source : www.telegraph.co.uk
