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Ladbrokes Predicted 32.8 percent drop in profits
Thursday March 20,2014 : LADBROKES CONFIRMS A DISMAL 2013 PERFORMANCE (Update)
Predicted 32.8 percent drop in profits reflected in newly released annual report.
The troubled land and online gambling group Ladbrokes released its formal annual report this week, confirming earlier warnings that it was not going to make happy reading for investors.
The group continues to trail behind its peers in the online and mobile sectors, with just 15.7 percent (down slightly at GBP 175 million) of overall revenues being generated by the digital division despite the much promised improvements expected to flow from the switch in software provider to Playtech.
By contrast the UK land operations contributed 72.1 percent of net revenue, although that could decline in future following Management's decision to cut back on investment in this division in order to boost digital activity. European retail operations delivered almost 12 percent of net revenues.
Group net revenue came in at GBP 1,111.3 million in 2013, down again, this time by 0.6 percent, but more importantly profits dropped by a worrying 32.8 percent.
Creating widespread comment despite the contractual nature of the remuneration was the package awarded to embattled CEO Richard Glynn. His total package came in at GBP 4.7 million...a remarkable 85 percent increase on his rewards in 2012.
Both CEO Glynn and chairman Peter Erskine remain upbeat about the future, saying that significant operational progress has been made and things should get better.
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Interwetten 2016 Earnings Results -
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EU Online Gambling Tax Harmoney Dead -
Tax expert says European Court of Justice Attorney General's opinion on UK-Gibraltar litigation signals that EU courts are happy for individual member states to impose their own laws on online gambling.
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It's going to be costly for Macau online gambling and junket tycoon Jack Lam to return to the Philippines following his rather hurried departure last year with allegations of economic sabotage, bribery and tax evasion swirling around him.
PlaySugarHouse To Carry Konami Content -
Content provider Konami will provide its Gypsy Fire and Fortune Stacks slot games to Rush Street Interactive-operated PlaySugarHouse.com on an exclusive basis in the New Jersey real-money online and mobile wagering market.
ITF TERMINATES BETWAY SPONSORSHIP DEAL -
The International Tennis Federation (ITF) has reportedly terminated Betway’s three-year sponsorship partnership as an extension to their anti-match fixing and sports integrity policy.
GSA To Launch European division -
The expansion enables the GSA to better focus on the regional needs of its members outside of North America and underscores its recognition and commitment to growing European membership.
Paddy Power Trading Update -
Company prevails despite adverse sports and US election results; Trump success cost the group GBP 5 million, whilst punter successes took another GBP 40 million in Q4-2016.
Tabcorp SunBets project -
The details were revealed this week in an IT News article quoting Tabcorp's chief information officer, Kim Wenn, who described the SunBets project as Tabcorp's biggest global venture yet.
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