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Ladbrokes Q3-2015 Earnings Report
Friday October 23,2015 : LADBROKES REPORTS 57 PERCENT PLUNGE IN THIRD QUARTER EARNINGS
But online operations continue to deliver a positive performance.
UK land and online gambling group Ladbrokes plc posted its third quarter results Thursday, reporting a 57 percent decline in earnings before interest and tax to GBP 14.3 million pounds, as the British government tightened regulation and ramped up taxation in the gambling sector.
Management acknowledged that EBITDA was less than half the GBP 33 million achieved last year in the same period, but noted this reflected investment in a turnaround plan launched earlier this year.
The company reported major marketing expenses in a new push for business, and reported that its digital division third quarter revenue was up 6.4 percent, with the company's multi-channel strategy developing well. Mobile bets were up 69 percent by value, slightly ahead of the first half equivalent.
Ladbrokes is in the process of completing a GBP 2.3 billion pound merger with Gala Coral, partly aimed at boosting its presence online.
Chief executive Jim Mullen said: "These numbers reflect the first 68 days of activity since we announced our organic plan to aggressively invest and grow our recreational and multi-channel customer base particularly across UK retail, Ladbrokes.com and Ladbrokes Australia.
"It is early in our journey, but today's results reflect positive initial progress. The focus now is on building on this start; our people are responding to this challenge and we are committed to taking whatever steps necessary to keep this focus.
"With sports betting at our core, we see customers responding well to our products, our value and to our recently launched multi-channel offer," said Mullen.
Revenue from the bookmaker’s UK retail business declined 1 percent as the company reported eight more shop closures in the reporting period.
Danske Spil Bingo Moves to Microgaming -
The national lottery of Denmark, Danske Spil, is live on the Microgaming Bingo Network. Danske Spil, the Danish national lottery, is live on the Microgaming Bingo Network following a change to its licence conditions.
Quickfire live on Strendus -
Quickfire powered by Microgaming is extending its reach in the LatAm region with the signing of Strendus. Strendus is the online division of Logrand Entertainment Group. The group comprises several companies that operate gaming and entertainment establishments in Mexico, running 14 land-based casinos in total.
Quickfire content live on BetatHome -
Online gaming and sports betting company bet-at-home was founded in 1999. Today the company has 4.8 million registered customers around the world, offering sports betting, casino, live casino, Vegas games, poker and virtual sports.
Microgaming has donated £30,000 between four charities -
Gift of Giving provides Microgamingís customers the opportunity to vote for one of several charities in their region. In lieu of Christmas gifts, £30,000 is split equally between four global regions: Isle of Man, UK and Europe, Africa, and Rest of the World.
Entertainment Betting Odds: 90th Academy Awards -
The Shape of Water leads Sundayís 90th Academy Awards (8 PM ET, ABC) with 13 Oscar nominations, but when it comes to Best Picture, this highly-acclaimed film is a +140 second-favorite behind Three Billboards Outside Ebbing, Missouri at Ė115.
Fair Play Bets and QuickFire in Deal -
Fair Play Bets enjoys an unrivalled reputation for an outstanding player experience, with secure deposits and withdrawals, surprising casino bonuses and committed customer support. Fair Play Bets is licensed in UK, Malta and Curacao.
Cavaliers Aim to Take Down Wizards on 2/22/18 -
The Cleveland Cavaliers have looked like a different team since making their moves at the trade deadline. The Washington Wizards are up next for the Cavaliers, who will be at home after the All-Star break.
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