Ladbrokes Financial Stats
Ladbrokes H1 2012 Financial Stats Show Large Decrease in Profits!
Online gambling operator Ladbrokes has just released their H1 2012 financial performance report. The document published points out disappointing results in the venture’s online branch which were not expected by both the company and industry observers.
The statistics report revealed that May 2012 generated the lowest online sports betting revenue for the company since three years. This is extremely bad considering the fact that about the same time the Euro 2012 was organized and the exact opposite of these results was expected.
The online gambling profit of the company during H1 2012 reached an all-time low of GBP 15 million which is a decrease of close to 50% compared to the same results during H1 2011. This was achieved at the same time while the net revenue actually increased to GBP 88.3 million from GBP 85.7 million of last year.
The operating costs of the digital branch of the company increased with a huge sum of GBP 16.8 million in H1 2012. It’s expected these costs will be the same in H2 as well which would complicate many things for the company.
Probably the only positive aspect about the results of the company was the fact that the total number of active internet players increased with 21.5% to 760,000. Real money player registrations were also up with 37.3% to 342,000.
The management of the company has stated in the report that despite these terrible results sports betting revenue is expected to increase considerably in Q4 2012. This is mostly attributed to the implementation of new mobile betting technology during that period. The report also claimed that during the upcoming months Ladbrokes will implement and introduce several new games especially to the casino branch of the company. These games will be provided by IGT, Playtech and some other providers. However the offline branch of the company continued to produce stable results during H1 2012. UK retail operating profit of the company was of GBP 91.3 million which is an increase of a large 21.1% compared to the same period last year.
Ladbrokes CEO Richard Glynn commented and said:
“Strong growth in operating profit in UK Retail and an improved performance in our European Retail and Telephone businesses was pleasing and more than outweighed a decline in Digital profits, which was greater than expected due largely to a weak sportsbook margin in Q2 and exacerbated by delays in technology.”
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