Ladbrokes' results for the third quarter of 2011 are in line with the board's expectations, despite a marginal decline in group operating profit.
In its interim management statement for the three months ended September 30, Ladbrokes reported a 2.7 per cent drop year on year in group operating profit to £49.7m (excluding the World Cup). CEO Richard Glynn said that while the board expects the economic climate in the UK to remain challenging, it is confident in its strategy and remains "in line with the board’s expectations for 2011."
He added: "We are making good progress on the delivery of our operational and technology milestones and look forward to sharing more detail on these at the full year."
The bookmaker also reported a 2.5 per cent increase in group net revenue, a 6.4 per cent rise in sportsbook amounts staked and an increase in sign-ups of 86 per cent since the start of renewed marketing in August, which is the highest rate achieved outside of a major football tournament.
Glynn commented: "We have seen good growth in sportsbook sign-ups and actives, particularly following the start of our renewed marketing in August. We have significantly increased our bet-in-play football offer and broadened our range of casino games, with further expansion in these areas to come.
"Looking forward we expect operational initiatives, already under way, to drive further momentum. We will begin using new yield management tools on machines and expect this to drive continued strong growth in 2012. In November we start live testing of our new online sportsbook which will launch in Q1 next year, enabling us to promote our expanding range of betting and gaming opportunities more effectively. In mobile we will launch up to 40 new casino-style slots over the next few months and in October will offer live streaming of 100 per cent of UK horseracing."
