Ladbrokes, the second largest bookmaker in the UK, has issued a profit warning which saw its shares fall by eight per cent.

Ladbrokes Ladbrokes

The bookmaker said that it expected annual operating profit to fall in 2013 following a poor first-quarter performance in horse racing and online gaming.

In a statement, chief executive Richard Glynn said: "The trading environment and economic conditions since the start of the year have remained challenging."