Ladbrokes says 4-month profit up 10% despite slowdown
The company said its over-the-counter gross win was flat, having been significantly hit by unfavourable football and horseracing results in the last two weeks of the period.
Ladbrokes, which has over 2,100 betting shops in Britain, said its performance remained within the market forecasts range for 2008. Profit from high rollers during the period was us$ 26.29 million. Total gross win increased by 5 %, incorporating a 14 % rise in machine gross win.
Ladbrokes said that while its gross win margin was up over the period, the amounts staked fell, with less bets put on greyhound racing which the company said was due to “presentation issues” since the introduction of a new television broadcasting service.
The group also said that it had agreed us$ 283 million of new bank facilities in the period and was trading comfortably within its banking covenants.
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