Ladbrokes profits slump by a third

 
City A.M. Reporter
Betting firm Ladbrokes reported a worse-than-expected 33 per cent decline in first half pre-tax profit, and said it remained cautious on the outlook for the UK economy.

The company, which has more than 2,700 betting shops, said pre-tax profit fell to £76.6M from £114.7m the year before, reflecting a one off interest rebate which boosted the previous year's figure.

Market expectations for underlying pre-tax profit had ranged between £77m and £84m.

The company said it remained on track to meet expectations for the full year.

"Whilst remaining mindful of tough economic conditions and continuing uncertainty affecting consumer disposable incomes, we remain in line with board expectations for the full year," the company said in a statement.