Reporting results for Q1 2014, Ladbrokes has said performance is “in line with expectations” despite a drop in operating profit, down to £18.4m from £37.4m for the same period in 2013.
Group net revenue was down by £6.5m, or 2.3 per cent. In a statement, Richard Glynn, chief executive, said: “In Q1 we delivered all of our stated operational targets on track or ahead of plan and our financial performance remains consistent with our expectations at the time of our annual results announcement in February.
“The early encouraging customer response to our more competitive mobile and sportsbook offer has continued and our Grand National performance, particularly on mobile, shows that our product and platform improvements are starting to gain traction.
“The unexpected recent tax increases and ongoing uncertainty surrounding regulation are unwelcome. We continue to advocate an evidence based debate and to demonstrate our commitment to social responsibility,” said Glynn.
“Looking ahead, the build up to the World Cup will see heightened competition. We are now in a position to compete hard, targeting customers through our brand and improved products along with aggressive but sensible offers and promotions.”
