Ladbrokes H1 Profit Falls - Update

By RTT News, 
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(RTTNews.com) - UK-based betting and gaming company Ladbrokes Plc (LAD.L, LDBKY.PK) Tuesday reported a fall in first-half profit, reflecting decrease in trading profits, despite rise in revenues.

For the first half, the company's profit before tax fell to 27.7 million pounds from 55.1 million pounds a year ago. Excluding exceptional items, pre-tax profit was 54.7 million pounds, compared to 76.9 million pounds in the prior year.

Profit attributable to equity holders of the parent declined to 23.7 million pounds or 2.6 pence per share from 47.2 million pounds or 5.1 pence per share a year earlier. Excluding items, earnings per share were 5.3 pence, compared to 7.3 pence per share last year.

Group revenue, including High Rollers, increased by 4 percent to 589.3 million pounds from 566.5 million pounds in the preceding year.

Excluding High Rollers, revenue increased 2.6 percent to 577.8 million pounds. On a pro-forma basis, revenue increased by 3 percent to 589.3 million pounds.

Operating expenses before depreciation and amortization were 504.1 million pounds, higher than 459.3 million pounds last year.

The board has also declared an interim dividend of 4.3 pence per share, unchanged from last year.

Richard Glynn, chief executive of the company said, "In the first half of 2014 we successfully delivered all of the planned operational improvements in time for the World Cup...Ladbrokes today is a far stronger company and well positioned for growth."

The board remains confident in delivering a result in line with its expectations for the current year, subject to no further adverse regulatory changes and a normal run of sporting results in the second half.

LAD.L rose 2.76 percent to trade at 134.10 pence, on 5.48 million shares.

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This article appears in: Earnings

Referenced Stocks: LAD , LDBKY

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