Tuesday 17 October 2017

Ladbrokes' profit forecast 'still on track'

British bookmaking group Ladbrokes said it remained on track to hit latest analyst profit forecasts for the year, responding to speculation that it could be forced to cut estimates again because of unfavourable sports results.

"Current expectation for group performance for 2013 remains within the range of analyst EBIT forecasts for the full year (£138m to £151m)," the company said in a statement.

"But with a key part of the sporting calendar ahead, it is extremely premature to speculate on the out-turn for the year," it added.

Ladbrokes shares lost 3.5pc yesterday to close at 180.2p amid speculation that it would struggle to hit the consensus figure.

Ladbrokes, Britain's second-biggest betting company, cut its profit forecasts as recently as September, after being hit by weakness in its online business.

It was the latest in a series of profit downgrades that have put pressure on chief executive Richard Glynn, who took charge of the company in 2010. (Reuters)

Irish Independent

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