Business World

Monday 19 August 2019

Ladbrokes owner pushes profit forecast higher

Ladbrokes (Stock photo) Photo: PA
Ladbrokes (Stock photo) Photo: PA Business Desk Business Desk

Ladbrokes owner GVC pushed its profit forecasts higher as its UK high street stores performed strongly despite the clampdown on Fixed Odds Betting Terminals (FOBTs).

The gambling giant said its retail business "outperformed" expectations, while "strong trading" in its online arm helped to mitigate cost rises elsewhere in the business.

The FTSE 250 company, which also runs betting firm Coral, saw underlying pre-tax profits rise 30pc to £212.1m (€229m) over the first half of 2019.

Kenneth Alexander, chief executive of GVC, said: "The group's performance in the first half was extremely pleasing with group proforma net gaming revenue 5pc ahead.

"Our online operating model is proving highly effective, building on the sustainable competitive advantages of our wholly owned technology platform, leading product, cutting-edge marketing, leading brands and local execution, which are all delivered with an unrivalled understanding of the markets in which we operate."

PA Media

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