Ladbrokes Posts Strong Half-Year Results Sooner than Merger | PokerNews
British gambling giant Ladbrokes announced its half-year results to the London Stock Exchange today, they usually make happy reading for investors within the company.
“Helpful bookmaker friendly results,” comparable to England’s early exit from the 2016 European Championships in France, helped Ladbrokes’ group operating profit increase by 34.4 per cent to £52.3 million in comparison to the similar period in 2015.
Net revenue increase 12.4 per cent in comparison to 2015 to £661.8 million, helped by an enormous 40.9 per cent increase in Ladbrokes’ digital division, a 6.4 per cent growth in its UK Retail arm, and a 7.3 per cent rise in its European betting shops.
| Revenue | £661.8m | £585.4m | 13.1% |
| Group operating profit | £52.3m | £38.9m | 34.4% |
| Profit before tax | £39.8m | £24.7m | 61.1% |
| Profit after tax | £34.9m | £22.2m | 57.2% |
| Basic earnings per share | 3.4p | 2.4p | 41.7% |
Jim Mullen, Chief Executive of Ladbrokes, welcomed the positive results, but was quick to bring investors’ expectations back to Earth stating, “130 years of expertise in sports betting has shown us that we'll endure a run of purchaser friendly results and margins will normalise.”
Mullen explained that like-for-like staking at the English Premier League grew 14.7 per cent year-on-year, and that despite paying out approximately £3 million to those who had bet on Leicester City to win the title, some at odds of 5000/1, the league was unpredictable and “week in week out customers’ accumulators and coupons were victims of surprise results.”
The favorable football results offset what was described because the worst Cheltenham Festival (horse racing) on record, and both the Royal Ascot and Grand National meets were costly to Ladbrokes.
Shares in Ladbrokes rose as high as 146.00p upon the consequences being released, and were up 4.41 per cent at 137.80p on the time this newsletter was published.
The proposed £2.3 billion merger of Ladbrokes and Gala Coral cost Ladbrokes £12.1 million within the half year ending June 30, 2016 made of £5.6 million in corporate transaction costs, and £6.5 million in integration planning costs.
Ladbrokes and Gala Coral received acclaim for their merger from the contest and Markets Authority at the provision they do away with between 350 and 400 betting shops within the Uk. This figure is less than the 1,000 closures initially touted within the English press as being had to sustain a healthy competition between the newly merged company and other high street betting shops reminiscent of William Hill.
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