Ladbrokes Q1 results 'better than expected'
Published 22/04/2016 | 02:30
Gambling group Ladbrokes performed better than expected in the first quarter of the year, with the company's like-for-like performance at its Irish division also posting gains.
Group net revenue rose 10.6pc in the quarter the company said in a trading update, without providing any financial details. Revenue had been expected by analysts at Davy Stockbrokers to rise 7.9pc in the period.
"Against a backdrop of negative commentary relating to Cheltenham, we suspect that this statement will very much ease investor concerns," said Davy analysts.
Ladbrokes said that in Ireland, the amounts staked at its shops fell 7.9pc, reflecting the smaller shop estate following the Irish arm's exit from examinership last year.
On a like-for-like basis, the amounts staked were 6.8pc higher.
Ladbrokes has been battling to compete against rivals such as Paddy Power Betfair, and has been criticised by shareholders including Dermot Desmond. He's opposed to a planned merger between Ladbrokes and Gala Coral.