Against a 7% fall in bets
Ladbrokes reports jump annual profits of US$ 328 million
2011-02-21
Reading time 38 seg
Ladbrokes said that the high street business it did was affected by the economic climate, and the loss of some significant horse racing fixtures due to the weather.
Online profits rose by 36% to US$101.761 with a boost from the world cup revenue. Ladbrokes have lagged behind rivals in developing a growing an online strategy, which in today’s business is seen as an absolute necessity. Bets staked at shop counters have been in decline since the proliferation of online gambling websites
Apart from closing 30 shops in the year, Ladbrokes opened 40, and refurbished another 102. This year, it plans to open 50 shops whilst closing another 20.
Richard Glynn, CEO of the company, has been the driving force behind the online push at Ladbrokes. He said that the group is in good shape and that the company is to invest US$ 81.1332 million during 2011 and 2012 in order to improve its technology, after its recent launching of new mobile phone apps
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