Simon French Panmure Gordon
Ladbrokes has unexpectedly released its first trading update, with trading disappointing...Therefore, we are downgrading our full-year profit forecasts by around £12m...We retain our “hold” recommendation, highlighting the limited growth and visibility at this stage in turnaround of Digital.
Nick Batram Peel Hunt
A downgrade now was not unexpected although the scale is slightly more than anticipated. There is still much to prove at Ladbrokes but, in a sector where there is considerable corporate activity, now is not the time to get off the Ladbrokes horse.
Simon Davies Canaccord Genuity
This is a disappointing update, and a weak first quarter is likely to be exacerbated by the impact of the Playtech tie-up in Digital. There is considerable uncertainty as to the timing of migration to Playtech platform...As a result, we are downgrading our full year forecasts from £182.2m to £160.8m.