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Some Ladbrokes Good News

The first half of 2010 marked a generally weak performance for Ladbrokes, a renowned British-based online casino and sports betting company. This is primarily caused by reduced revenues, which rendered a pre-tax profit drop in a span of 6 months. On a brighter note, Ladbrokes has reached a settlement with HM Revenue and Customs (HMRC) that will cover certain outstanding expenses since December 2007. The GBP 240 million tax gain has substantially aided the company to attain an increase in profit from its continuing operations, including its several online casinos and other gambling sites. As such, reaching the settlement with HMRC has helped Ladbrokes to compensate for its weak performance during the first half of 2010.

Several figures show both the weak performance of Ladbrokes and profit increase. Some of these include the following: pre-tax profit declined from GBP 130.0 million to GBP 105.1 million during the first half of 2010; while the first-half profit increase was marked by generating GBP 347.6 million compared to 2009’s first-half figure of GBP 110.7 million. Also, although the net revenue in terms of current trading rose to 8% (not including High Rollers), Ladbrokes perceives a “challenging consumer environment”. E-gaming operating profits also increased but this was marked by a decline in poker net revenue, which was also experienced by other online casino and gambling companies. Because of this, performance ratings based on online casinos and other gambling sites are mixed.

According to the Chief executive officer of Ladbrokes, Richard Glynn, through the recent review, the company was able to determine the areas that provide opportunities, and those that warrant improvement. Such areas include e-performance improvement, and investing on the efficiency of their brands such as those in online casinos.