Ladbrokes profits drop by 30%

Ladbrokes, the betting shop owner, has reported a 30% decline in profits to £94m after Royal Ascot and dips in telephone wagers. The group reported its results for the first half, ending June 30, today (August 7).

The bookmaker says it took a hit after 11 out of 30 of the favourites at this year’s Royal Ascot romped home compared to seven the previous year. It has also seen a slowdown in phone betting due to the clampdown on consumer spending.

It saw a 6.5% lift in first half UK retail sales to £394.3m, with most of the increase stemming from its gambling machines after the introduction of new products and longer shop opening hours.

Christopher Bell, Ladbrokes chief executive, says the period “has been moderately bloody and painful for us”.

The company has 2,600 betting shops in the UK, Ireland and continental Europe. It also has an e-gaming division, which has reported profits of £26.2m for the first half of the year.