Ladbrokes profits hit by reduced Cheltenham takings

Bookmaker Ladbrokes today announced a decrease in profits of £13m in the first quarter of 2013, following poor revenues from Cheltenham races.

In an early release of its first quarter results, the company reported a reduction in group operating profit to £37.4m, reflecting around £6m less revenue from Cheltenham and decreased takings from high rollers.

Group net revenue was down 0.9 per cent for the quarter, with high rollers generating operating profit of £7.2m compared to £14.2m in the same quarter last year.

“A significant increase in lost racing and a poor Cheltenham materially impacted performance during the quarter,” said CEO Richard Glynn.

“However we maintained a strong margin performance throughout and will continue to implement trading developments during 2013, allied to the ongoing evolution of our value offer to compete aggressively but sensibly for customers.”